Sent: Tuesday, October 7, 2014 1:52:56 AM
Subject: Market and 2015
From: G Sera
To: Jeffrey Epstein <jeevacation©gmail.com>
Ciao Jeff,
A quick note to confirm that also on consumer goods and food two CEOs that are friends are
worried about the market expectations for next year. Both see Europe flat (they are European
companies mainly), Asia slowing and I don't see the luxury leaders growing more than 5-8% per
year in the mid term (3-5 years). Last years growth was 20%+ per year.
Market expectations arc higher and this combines with the refinancing that they have to do for the
cash spent on buybacks and potentially lower help from central banks, it might be an issue.
Interesting, both consumer goods and food executives are waiting for a market correction to
mention the lower expansion for next year to analysts. They arc convinced it will arrive before
they have to announce a miss on earnings.
Ciao
G
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