The document is an email from Amanda Ens to Jeffrey and Richard, suggesting buying hedges for May expiry based on the insights of David Woo, head of FX, Rates and EM Strategy at BAML. The key points mentioned in the email include: * Tax reform is a high priority but faces obstacles such as needing to pass Obamacare first. ACA completion may happen mid-April, allowing focus on tax reform from then on. * There could be a market pullback over the next 6-8 weeks due to negative headlines and data rollover (consumer confidence). * Woo is still long term bullish but recommends buying protection such as S&P puts for May expiry, which are currently cheap and have a high payout potential. * The probability of tax reform occurring this year is 95%, although progress may be slow until Republicans rally together with a new plan. Trump's focus on the stock market could lead to action if it starts to decline. * Woo favors a 5% VAT over border adjustment tax (BAT) and explains why the current proposal of BAT has less than a 10% chance of passing. * A 5% VAT is more feasible, revenue neutral, and has several benefits, whereas BAT could face issues with the World Trade Organization (WTO). * BAT could cause price increases at Walmart and Target, which might negatively impact Trump's supporters.