From: Justin X Gratz cz IMIIIMa>
To: Undisclosed recipients:;
Subject: Eye on the Market: May 13, 2010
Date: Fri, 14 May 2010 12:31:09 +0000
Attachments: 5-13-10_-_EOTM_-_The_Kitchen_Sink.pdf
Eye on the Market, May 13, 2010
Chairman of JP Morgan Chase International (and Chairman of the Group of Thirty) Dr. Jacob Frenkel joined me
for a client conference call this morning to review Europe, and its impact on our portfolio and market outlook.
The attached PDF walks through a synopsis of the discussion, focusing on what was announced, its adequacy,
the political and economic risks of pending austerity programs in Southern Europe, and the road not taken
(examples of prior exits from other monetary regimes). We also reviewed how all of this ties in with our views
on the U.S., Asia, and our portfolio positioning. Included as well: a client quiz and a client question.
Michael Cembalest
Chief Investment Officer
J.P. Morgan Private Banking
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