Top of the Morning – UBS Wealth Management Research

Today we turn our focus to the Year Ahead as we will examine expectations for what 2019 has in store for the global markets and how to position your portfolio accordingly. Featured is Chief Investment Officer for UBS Global Wealth Management, Mark Haefele. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Today we turn our focus to the relationship between eCommerce and Retail as we examine how this space is shaping up as we're fast approaching the holidays. My guests and I will discuss some of the trends in ecommerce versus traditional brick and mortar retail, recap some of the drivers and sentiment for consumers, offer their takeaways, investment implications and more. Featured are Jon Woloshin, Real Estate Sector Strategist Americas and Rob Samuels, Consumer Discretionary Sector Strategist Americas from the UBS Chief Investment Office. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

When it comes to analyzing Fixed Income performance, many market technicians will look at the US Barclays Aggregate index, or as it's more commonly referred to, the "Agg". So, what does the Agg tell us about the performance of the investment grade bond market for 2018 and what lies ahead for next year? We'll discuss that today on this next edition of the Investment Strategy Podcast as we sit down with Leslie Falconio, Senior Fixed Income Strategist Americas for the UBS Chief Investment Office. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

The highly anticipated G-20 summit has come and gone – we examine the outcomes, the next-steps, market implications and more. Featured is Head of Asset Allocation Americas for the UBS Chief Investment Office, Jason Draho. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Each week, Art Cashin, the Director of Floor Operations at the NYSE for UBS, discusses the latest news and events impacting the markets. This week: thoughts on Fed commentary and market response, the G-20 summit and trade expectations, geopolitical developments and the week ahead. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Shane Lieberman, from the UBS US Office of Public Policy, joins the podcast to discuss the latest news out of the beltway and beyond. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

It's Friday morning and that means it's time for the week in review and preview. We recap this week's key market moving events, discuss expectations for the ongoing G-20 summit, and preview what we can expect in the week ahead. Featured is Senior Fixed Income Strategist Americas for the UBS Chief Investment Office, Leslie Falconio. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

Today we turn our focus to today to risk events – ongoing and upcoming – and examine the market implications. Featured is Head of Asset Allocation Americas from the UBS Chief Investment Office, Jason Draho. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

As the end of the year approaches, many investors are preparing for the upcoming tax season. Part of that preparation often includes tax loss harvesting, which simply said is a tax deferral strategy that proactively realizes losses to offset current or future taxable gains. So, the question remains, is it all worth it? We discuss this topic today with Michael Crook, the head of UHNW and Investment Strategy and investment analyst Michael Gourd, both from the UBS Chief Investment Office. Neither UBS Financial Services Inc. nor any of its employees provide tax or legal advice. You should consult with your personal tax or legal advisor regarding your personal circumstances. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

As we move into the full swing of the Holidays, today we turn our focus to the season of giving and take a deeper look at the economic implications of what it means when we give gifts. My guest and I discuss how this yearly boost to retail affects consumers, how the act of giving presents affects the economy, and how to give gifts in a way that keep on giving. Featured is Investment Strategist for the UBS Chief Investment Office Americas, Justin Waring. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

Today we turn our focus to the muni market and explore what 2019 has in store for the asset class. We also reflect on what drove 2018 performance, strategies to consider for your portfolio and more. Featured is Municipal Strategist Americas for the UBS Chief Investment Office, Kathleen McNamara. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 7 of 7, Adam Scheiner, Industrials Sector Strategist, discusses the impact to the industrials sector given the recent overall market volatility. Other podcasts in this series: Part 1 – David Lefkowitz: Equities Part 2 - Leslie Falconio: Interest Rates Part 3 - Sangeeta Marfatia: Closed End Funds Part 4 - Kevin Dennean: Technology Part 5 - Nicki Decker: Energy and oil Part 6 - Jon Woloshin: Real estate and housing As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 6 of 7, Jon Woloshin, Lead US Real Estate Sector Strategist, discusses the impact to the housing market given the recent rise in interest rates and overall market volatility. Other podcasts in this series: Part 1 – David Lefkowitz: Equities Part 2 - Leslie Falconio: Interest Rates Part 3 - Sangeeta Marfatia: Closed End Funds Part 4 - Kevin Dennean: Technology Part 5 - Nicki Decker: Energy and oil Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 5 of 7, Nicki Decker, Energy Sector Strategist, discusses the moves in oil prices and overall impact on the energy sector. Other podcasts in this series: Part 1 – David Lefkowitz: Equities Part 2 - Leslie Falconio: Interest Rates Part 3 - Sangeeta Marfatia: Closed End Funds Part 4 - Kevin Dennean: Technology Part 6 - Jon Woloshin: Real Estate and Housing Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 4 of 7, Kevin Dennean, IT and Telecommunication Sector Strategist, discusses the action in Technology sector and the impact on the overall volatility in the markets. Other podcasts in this series: Part 1 - David Lefkowitz: Equities Part 2 - Leslie Falconio: Interest Rates Part 3 - Sangeeta Marfatia: Closed End Funds Part 5 - Nicki Decker: Energy and oil Part 6 - Jon Woloshin: Real Estate and Housing Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC