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Exhibit 48: S&P 500 Price-to-Trend Earnings vs
document IMAGES-003-HOUSE_OVERSIGHT_014584.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…has been a losing approach over time. As we noted in our 2014 Outlook, research conducted by three professors at the London Business School concluded that Investors have ridden this bull market for eight years, and while we don’t expect the ride to end in 2017, we must stay vi...

Good God! Anything is better than just giving it to Hilary and her
document IMAGES-011-HOUSE_OVERSIGHT_031142.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Send lawyers, guns, and money; the s--- has hit the fan.” The Democratic Party is electing a known criminal, and they don’t care, as long as it’s their criminal. They just assume all politicians are criminal, and the really good ones get their districts what they need. Would an...

Since her firing on January 30, Yates had remained suspiciously quiet. When
document IMAGES-005-HOUSE_OVERSIGHT_020046.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…, Priebus again moved to delay: “There’s a right way to do this and a wrong way to do this,” he told the president. “We don’t want him learning about this on television. I’m going to say this one last time: this is not the right way to do this. If you want to do this, the right w...

wasn’t enough, David Levy, my Foreign Minister, told me he would not be joining
document IMAGES-009-HOUSE_OVERSIGHT_028195.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…. So I added that it was not because I knew something they didn’t. “It’s because there are two possible outcomes, and I don’t know which one will happen.” The gaps of substance were bridgeable. The question was whether both sides wanted peace, and whether each had made a serious,...

FW: World Bank Nominee
email TEXT-001-HOUSE_OVERSIGHT_028781.txt Mar 23, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

… political correctness? Some academic types would say to Jim and Paul, "Why do you call your patients poor people? They don't call themselves poor people." Jim would reply: "Okay, how about soon-dead people?") They talked about the insignificance of "cultural barriers" when it ca...

transition might have been almost inevitable given the ‘right’ environment. We just
document IMAGES-009-HOUSE_OVERSIGHT_026741.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

transition might have been almost inevitable given the ‘right’ environment. We just don’t know -- nor do we know if the DNA/RNA chemistry of terrestrial life is the only possibility, or just one chemical basis among many options that could be realized elsewhere LIFE Moreover, e...

To: Melanie Spinella - «Ss
email IMAGES-007-HOUSE_OVERSIGHT_023235.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…payment "last year we agreed . no further obligations on each side. yes, i continued to moan. I realize that though Ive done quite a lot this year already _, it is not your responsibility. . As you often like to remind me- you've paid a great deal of money to date. that being sai...

A. To be accurate, it’ s 27,006
document IMAGES-003-HOUSE_OVERSIGHT_015063.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… t perform the operation themselves? A. No, they’ d never perform it, and just exactly what their attitude would be, | don’ t really know. Some of them, | presume, were absolutely against it, because lI’ ve had ministers, and they’ d bring me their daughters or their nieces. Q....

To: Melanie Spinella i
email IMAGES-007-HOUSE_OVERSIGHT_023209.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… will discuss the results in gory gruesome detail on Friday. it mirrored many other weeks spent doing the things that I don;t have the time to do. In order to keep things in perspective, maybe reviewing an analogy I have used before with you, might be helpful. You and your fami...

13 ​Tom Blackwell
document 13 ​Tom Blackwell House Oversight Committee — Epstein Estate Records (Nov 2025)

“ ‘Don’t Step Out of Line’: Confidential Report Reveals How Chinese Officials Harass

Most Revolutions Don’t Work Like This At All. Many Of Them Fail
document Most revolutions don’t work like this at all. Many of them fail House Oversight Committee — Epstein Estate Records (Nov 2025)

with the old despots crushing dissent or making only cosmetic changes to the old system. (This happened in Austria in 1848 and something very like it may be happening in Egypt today.) Others move into radicalism

Fukuyama: That’s Hard To Say. I Don’t Know If There Is One. Part Of The Problem Is Economics — It’s A Very Important Discipline
document FUKUYAMA: That’s hard to say. I don’t know if there is one. Part of the problem is economics — it’s a very important discipline House Oversight Committee — Epstein Estate Records (Nov 2025)

but in a way it’s colonized the rest of the social sciences. A lot of political analysis in academia is driven by this model of everybody being a rational decision maker driven by more or less material interests. There’s obviously something to that

It’s A Long Term Struggle
document It’s a long-term struggle House Oversight Committee — Epstein Estate Records (Nov 2025)

and I think we’ll be disappointed in the short run. I don’t think the more pro-Western forces are the ones that will end up on top in the short-run. But we’ve got to start somewhere.

Fukuyama: I’ve Got A Simpler Concern In My Current Book. It’s Just That Liberal Democracy Is Not Something You Can Take For Granted
document FUKUYAMA: I’ve got a simpler concern in my current book. It’s just that liberal democracy is not something you can take for granted House Oversight Committee — Epstein Estate Records (Nov 2025)

…ies will find a way to solve their problems. I think we’ve got a number of long-term problems in the United States that don’t seem to be getting addressed with the current political system.

previous Israeli leader in trying to get that peace
document IMAGES-001-HOUSE_OVERSIGHT_011815.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… happen in preparatory talks,” I said. “We’ll raise new ideas, which the Palestinians will reject, and ask for more.” I don’t know what she told Clinton, or Arafat. But Dennis called me the following day. He said that Arafat had agreed to attend a summit, and would leave the date...