From: Barrett, Paul S
Sent: Thursday, January 13, 2011 4:55 PM
To: Jeffrey Epstein
Subject: Idea
Hi Jeffrey=o:p>
Two ideas to consider:
&n=sp;
Buy $1MM of the Barclays 8.125% Pfd =ith a ytc of 7.60%. Dividend income.
With Chinese inflation =unning above 5%, we think the central bank will be forced allow for quicke= CNY currency
appreciation. The 12 month forwards are pricing in a 2.7= premium. We should sell $10MM USD and buy CNY via a 12
month forward.=o:p>
Will call to discuss.
<=pan style=ifont-size:11.0pt;font-family:"Calibri","sans-serif">&=bsp;
Paul
<1=>
Paul Barrett, CFA
Managing Director
Global Investmen= Opportunities Group
JPMorgan Private=Bank
40W 57th Street, 33rd Floor, New=York, NY 10019
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