EFTA01077755Set 9
22p12,833w
combination of real GDP growth
and corporate profits growth of the three major regions (c39). We had positioned for this, but were not rewarded for it, as Asian
equities underperformed ... slow, as it did from July 2008 to July 2010 when growth slowed down.
(c39) 2011 real GDP and earnings (c40) Asla over-stimulated (an Chinese Inflation comes down ... Morgan Securities LLC, Government Agencies, News Reports.
Institute, Q3 2011 October 2011
(c39) J.P. Morgan Securities LW, December 2011 (c82) Gramercy Capital, OECD, December 201 I
(c40) J.P. Morgan Securities
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077755.pdf
EFTA01077283Set 9
19p10,004w
corporate bankruptcies (See
EoTM December 6, 2010for more details).
(c38) New office supply, Pdvatefixed (c39) New retail center supply, Private (c40) Evolution in capital structures
investment in office, PercentGDP fixed ... Economic Analysis, Q3 2010
November 2010
(c10) J.P. Morgan Securities LLC, Centaline, November 2010 (c39) Bureau ofEconomic Analysis, Q3 2010
(ell) International Monetary Fund, 2009 (c40) J.P. Morgan Securities
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077283.pdf