From: Brad Wechsler <
To: Paul Barrett
CC: Jeffrey Epstein <jeevacation grim .com>
Subject: Re: Buying Europe on the dip
Date: Mon, 13 Jul 2015 14:39:49 +0000
Ditto
Sent from my Verizon Wireless BlackBerry
From: "Barrett, Paul S"
Date: Thu, 9 Jul 2015 18:36:55 +0000
To: 'Brad Wechsler'
Cc• ; 'Richard Joslin' ; Nelson, Justin
Subject: Buying Europe on the dip
Brad
We should take advantage of the weakness in Europe by doing the following:
1. $250K in a 3yr SXSE Call Warrant - 12.75% premium - currency hedged. This equates to $1.96MM of notional.
2. $1mm in a structured note: 15.00% contingent buffer (@ maturity) - 22.50% cap - currency hedged - 12 months plus
2 weeks maturity
3. We would then look to buy a hedged ETF if we saw further weakness over the coming weeks.
Rationale:
The Euro Stoxx 50 is up 9% YTD, off about 11% from its highs. While there may be near-term volatility due to Greece, we
believe contagion risk is contained and regardless of the outcome, the European growth story is still very much intact.
• ECB policy actions are lowering the cost of credit which is showing up in positive lending growth
• Export growth is responding well to the weaker Euro
• PMIs are coming in at or above expectations and Spanish GDP is tracking near 3%
Paul
Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private
Bank I J.P. Morgan Chase Bank N.A.
320 Park Avenue, 14th Floor, New York, NY 10022 I T:
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