EFTA01089574Set 9
2013-02-2145p23,567w
underweight position in Canadian equities. We also remain constructive on
emerging market (EM) equities. Accelerating economic growth in key countries, stabilizing profit
margins and decent valuations speak in favor ... alternatives
can be found in investment grade (IG), high yield (HY) and emerging market (EM) corporate bonds.
IG corporate bonds are expected to achieve a better total return despite limited ... expected
default rates and attractive risk premiums over other fixed income segments. And EM corporate
bonds offer yield income and some potential for tighter spread, with relatively low volatility.
• Commodities
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf
EFTA01458627Set 10
2015-09-111p688w
over long periods, i.e., deviations are long
lived but cyclical and mean reverting. But EM FX by contrast is massively
structurally (always) cheap on a PPP basis, given their earlier ... stage of
economic development. EM real exchange rates will likely converge to PPP
only with the convergence of per capita incomes, i.e., in the very very long ... cheapness of EM FX on a PPP basis is not cyclical but
structural (How Much Will Fast Growing EM Currencies Appreciate, Sep
2005).
• The $35 trillion myth. Using PPP exchange
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458627.pdf
EFTA01149102Set 9
2011-10-1225p8,091w
into 2012 3
US dollar outlook 4
Summary page on G10/Emerging Market (EM) currency outlook 8
2011 currency forecast summary 9
2011 currency forecast summary — EUR crosses 10
G10 currencies ... outlook 11
EM currencies outlook 19
Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and
J.P.Morgan are subjectand ... prevailing since May.
■ The eurozone crisis has also spread through other risk assets, with EM currencies suffering
substantially from the global deleveraging in late Q3.
■ US dollar ultimate safe-haven
https://www.justice.gov/epstein/files/DataSet%209/EFTA01149102.pdf
EFTA01175987Set 9
8p5,905w
integration, and moving back to the bad old days of a divided and quarrelsome
EM $ Corp.
Europe. EMU members will likely do everything they can to keep the union
together ... euro not collapsed, yet, given a recession and EMU break-up EM FX
risk? The EMU periphery cannot devalue against the core, but would greatly
MSCI Europe'
benefit from ... better shape (CAD, CHF, AUD, NOK). The Euro area also has no EM Local Bonds•' I♦
external deficit, and funding problems may have led to capital repatriation,
US Fixed Income
https://www.justice.gov/epstein/files/DataSet%209/EFTA01175987.pdf
EFTA01146380Set 9
2012-10-128p6,029w
EMBIG
line with subdued expectations for small oya drops. Profit margins then hit new EMS Corp.
highs and world growth has since fallen below potential. But global equities ... most feared, as is ow view, then investors will over time gradually switch
MSCI EM
some of their defensive holdings into better-return, but riskier asset classes.
US Hip Grade ... Fixed Inc
volatility will remain subdued and markets will be buffeted by only modest EM FX
adverse shocks. We don't see huge volatility from data or earnings surprises, EM
https://www.justice.gov/epstein/files/DataSet%209/EFTA01146380.pdf
Classification: For internal use only
Jeffrey - quick update, market is long and hurting here. EM driving a risk off move here.
Positioning is very skewed here and there is pain ... liquidity has dried up in credit spreads !!!
1) think MXN bonos still best EM risk there, however correlations in EM are moving up. Chart of
Ashmore stock below reflects sentiment ... EM (probably one of the best EM funds out there). The MXN bond
as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey, USDMXN about
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01446797.pdf
EFTA01149154Set 9
2014-01-243p804w
Classification: For internal use only
Jeffrey - quick update, market is long and hurting here. EM driving a risk off move here. Positioning is
ary skewed here and there is pain ... liquidity has dried up in credit spreads H!
1) think MXN bonos still best EM risk there, however correlations in EM are moving up. Chart of
Ashmore stock below reflects ... sentiment in EM (probably one of the best EM funds out there). The
MXN bond as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey
https://www.justice.gov/epstein/files/DataSet%209/EFTA01149154.pdf
EFTA01446800Set 10
2014-01-241p577w
Classification: For internal use only
Jeffrey - quick update, market is long and hurting here. EM driving a risk off move here.
Positioning is very skewed here and there is pain ... liquidity has dried up in credit spreads !!!
1) think MXN bonos still best EM risk there, however correlations in EM are moving up. Chart of
Ashmore stock below reflects sentiment ... EM (probably one of the best EM funds out there). The MXN bond
as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey, USDIVN about
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01446800.pdf
EFTA01451003Set 10
2013-12-111p351w
December 2013
GEM Equity Strategy Outlook 2014
[Figure 20: EM vs DM non-financials Leverage (%) Figure 21: EM vs DM non-financials- Asset turnover (%)
fl c rem Fin/noels Aatla ... Firimitas 444414164.4, (043)
4, EM Non Franci$4 SoleciAmots 0 110, Fng15 Sakes144son ... Sant Dei ce /3" 491/40TiNV Rnse. lP Sown Ottecim -* Scot Rune LP
4) EM consumer-related sectors have relatively positive margin performance.
Figure 22: EM vs DM net margins (%) - Consumer
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01451003.pdf
EFTA00137619Set 9
2019-08-1016p4,007w
saving measures. He was
escorted to Health Services at approximately 6:39 a.m., and EMS arrived at 6:43 a.m. He was transported to the local
hospital at approximately ... saving measures. He was escorted to Health Services at approximately 6:39 a.m., and EMS arrived at 6:43 a.m.
Institution medical staff stated he had circumficial bruising around ... attempted suicide. The inmate was transported to the
hospital via NYFD EMS and BOP Staff. Upon my arrival to the hospital, I was informed
by the escorting staff and Hospital
https://www.justice.gov/epstein/files/DataSet%209/EFTA00137619.pdf
EFTA01669910Set 10
2012-02-29277p96,668w
anew, me, rents co your 'donut and tie roe sonata ticharge ycu ',erect cad
ems,. Bind re ~we Ifni se no» e nttake ... mede bagn ccrermmass
F rycSørk &kame Fritar* ynu (mpte s Smed Snaret Fedwril FrerenviHaik em 1 ya mminell un b Min
Fesl Sakt; Cpe~ ~Mer«ml Mødom« las bøen aude ... Heter of drys n te bang poned The babroa osed ert dey 24 Murs em; tofs a see!,
mag te ~J und M desemmed by acting tM Odens
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01669910.pdf
EFTA01720322Set 10
97p17,017w
LUXURIOUS PRIVATE VIP SKY BOXES
• FUR UNOBSTRUCTED VIEW OF ENTIRE new
• EMS WEDDING CLIAPIE
• PRIVATE VIP ENTRANCE TO UPPER LEVEL • "FOOTSIES KNOCK
• PRIVATE BAR • NEW CONCEPT IN ENTERTAIr
• PRIVATE CHAMPAGNE ... pounds. It was awkward at "C" cup, I wit squeeze em if you let me.
school. I didn't feel I was very But I have to admit that ... about was doing the best I into a frenzy. I get obsessive, i love em. So
Id in class. I didn't care about for a while there, Ike four
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01720322.pdf