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Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026577.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

Global Asset Allocation The J.P. Morgan View 09 November 2012 Jan Loeys (1-212) 834-5874 [email protected] J.P Morgan Global Economic Outlook Summary Real GDP % over a year ago Real GDP % over previous period, saar Consumer prices % over a year ago 2011 2012 2013 1...

out my understanding of the compensation for a transaction of the magnitude to the penny of the one
document IMAGES-007-HOUSE_OVERSIGHT_023228.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…uding Phaidon. . though this amount was already substantially less than our agreed and negotiated formula.- Iwas never told that this was out of range. in fact, alternative methods of payment . plane, or an -in-kind payment were discussed (ie including keeping the 30m portion of...

Jan Loeys Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026576.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ly Averages Commodities Current 1204 13Q1 1302 13Q3 GSCI Index YTD Return* Brent ($/bbl) 110 105 2 105 120 Energy 3.1% Gold ($/oz) 1733 1725 1750 1775 Precious Metals 8.7% Copper ($/metric ton) 1629 8300 8500 8700 Industrial Metals 2.5% Corn ($/Bu} 145 8.75 8.50 8.25 Agriculture...

Jan Loeys Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026574.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ginally in the HG space and widening very slightly in the HY space. Foreign Exchange The post-US election drama is unfolding as expected. Four more years with the same cast is delivering a higher USD versus most currencies but JPY due to deleveraging ahead of the fiscal cliff,...

The combination of these factors suggest Japanese equities have further to run. We also
document IMAGES-002-HOUSE_OVERSIGHT_014448.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

The combination of these factors suggest Japanese equities have further to run. We also see the position as being complementary to our EM position since whereas a stronger USD is a drag on EM performance, it is beneficial for the NKY position. Chart 31: Japan equities have outpe...

How a sale to an IDGT works
document IMAGES-006-HOUSE_OVERSIGHT_022352.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ed to the IDGT If the cascading GRATs are successful, at the end of the cascading GRAT terms additional assets can be sold to the IDGT * AFRs are defined as: 1) short-term - not over three years; 2) mid-term - over three, but not over nine years; 3) long-term - over nine years....

Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026575.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ommodities Commodities are up some 1% this week, led by precious metals, which rallied almost 4%. The strong gains in gold are probably due to the US election result as Obama’s victory means no change to Fed policy and so continued QE and negative real yields. Gold also tends to...

were underweight at the start of the year too and missed the lows. We recognized we
document IMAGES-002-HOUSE_OVERSIGHT_014464.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Global Research, Bloomberg place this text In fact your best guide to this year was to buy something when it has oversold, underowned and unloved, like Miners and Emerging Markets in February, Banks in July, the Nikkei the day of the US election and sell when the opposite e.g....

Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~
document IMAGES-008-HOUSE_OVERSIGHT_025578.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~ Appendix B: Valuation of Alternative Managers - What@in the Price? Exhibit 48: Exhibit 49: Covered Alternative Asset managers NTM Relative P/E Covered Alternative Asset managers NTM Absolute P/E Alts NTM P/E Ratios Relative to...

James Barty >> Ajay Singh Kapur, CFA >>
document IMAGES-002-HOUSE_OVERSIGHT_014459.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Research Analysts James Barty >> Ajay Singh Kapur, CFA >> Investment Strategist Equity Strategist MLI (UK) Merrill Lynch (Hong Kong) +44 20 7996 3291 +852 3508 7753 [email protected] [email protected] Ronan Carr, CFA >> Shusuke Yamada, CFA >> European Equity Strateg...

Exhibit 83: Ratio of Municipal Bond Yields to
document IMAGES-003-HOUSE_OVERSIGHT_014602.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 83: Ratio of Municipal Bond Yields to Treasury Yields Current municipal bond yields offer a larger valuation buffer to absorb risks than in the past. Ratio (%) 100 mCurrent mAverage Since 2000 Average Since 1987 95 93 5-Year Ratio 10-Year Ratio Data as of December 3...