FYI:
TABLE OF CONTENTS
2
Reregulation Is the New Deregulation
Deregulation is a key Republican goal, but
reregulation is faster and easier.
5
Our New Currency Hedging Strategy
Currency swings can impact investment
returns. A hedging plan may be helpful.
6
Drivers of Market
Volatility
We can’t predict volatility levels, but we
may be able to identify volatility regimes.
8
MLPs Sag, but Industry
Fundamentals Remain Strong
For master limited partnerships, balance
sheets and distribution coverage are
healthy, and cash flow is set to grow.
9
Ratings Matters More in an
Aging Credit Cycle
Keep an eye on bonds that hover between
investment grade and high yield.
10
CEOs Act o
n a New Set of Ideals
Business leaders have taken on the role
of social and moral arbiters.
11
Short Takes
We look at midterm elections and
presidential approval ratings, growing risk
in leveraged loans and homebuilder
sentiment.
12
Q&A:
Emerging
Markets Equities Have
Surged, but Are Relatively Cheap
Lazard’s James Donald explains why he
is still bullish on the emerging markets
Regards,
Ted
https://www.morganstanleyfa.com/public/projectfiles/onthemarkets.pdf 
