Epstein Files Search

EFTA01123502Set 9

2012-11-079p5,092w

avoid this (see reason #2 and also reason #1). MARKET STRATEGY: Focus on Global Cyclicals and High-Dividend stocks, among others. We believe once the initial selling exhausts itself, investors ... outside the US becomes more attractive. As a consequence, investors are likely to favor global cyclicals (see Figure 4) which include Technology (semis, hardware, software) and Industrials (multinationals, machinery ... also maintain our 2012 YE target of 1430. We have identified 30 Global Cyclicals using the following criteria: (a) % revenue from outside the US > 50%; (b) positive FCF yield

https://www.justice.gov/epstein/files/DataSet%209/EFTA01123502.pdf

EFTA00875398Set 9

2013-02-084p2,467w

gained from longs in metals, but lost from ovenveights in EM Asian equities and global Cyclicals. Euro periphery sovereigns have tightened, but EU HY is wider. • Inconsistencies from one side

https://www.justice.gov/epstein/files/DataSet%209/EFTA00875398.pdf

EFTA01182026Set 9

2012-11-082p1,434w

avoid this (see reason #2 and also reason #1). • MARKET STRATEGY: Focus on Global Cyclicals and High-Dividend stocks, among others. We believe once the initial selling exhausts itself, investors ... outside the US becomes more attractive. As a consequence, investors are likely to favor global cyclicals (see Figure 4) which include Technology (semis, hardware, software) and Industrials (multinationals, machinery ... also maintain our 2012 YE target of 1430. We have identified 30 Global Cyclicals using the following criteria: (a) % revenue from outside the US > 50%; (b) positive FCF yield

https://www.justice.gov/epstein/files/DataSet%209/EFTA01182026.pdf

EFTA01089574Set 9

2013-02-2145p23,567w

month target): 1,570 Tactical (six months) • We keep our exposure to global cyclical • We maintain our preference for US equities relative to other developed equity markets. The recent

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf

EFTA01474964Set 10

2015-10-02168p16,614w

Staples Health Care Information Technology Domestic Cyclicals Consumer Discretionary Financials DBUSDMST (US Domestic Strength) * Global Cyclicals Energy Industrials Value DBUSCICG (Challenged Cap Goods) * Information Technology Energy Materials Financials Cyclical Growth ... correction: Better without the froth, but still real risks to monitor Further downside for global cyclicals Stretching to hit numbers? GAAP vs. non-GAAP S&P EPS spread widens Secular

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474964.pdf

EFTA01171349Set 9

8p5,883w

yields at the bottom of their recent 55 range. 50 110 45 Equities 90 Global Cyclicals vs • The negative news flow from Europe offsets better earnings and economic 40 tionCyclicals

https://www.justice.gov/epstein/files/DataSet%209/EFTA01171349.pdf

EFTA01367814Set 10

2015-05-221p293w

Financials 1.2% Dividend Yield (Bond Substitutes) 1.1% DBUSDMST (US Domestic Strength)' 5.8% Utilities -4.6% Global Cyclicals 3.3% Telecommunication Services 6.1% Energy 0.3% REITs -0.4% Industrials 1.3% Consumer Staples 2.3% DBUSCICG

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367814.pdf

EFTA01458551Set 10

2015-10-021p308w

Financials -7.1% Dividend Yield (Bond Substitutes) -2.7% DBUSDMST (US Domestic Strength) • -2.8% Utilities -5.9% Global Cyclicals -9.4% Telecommunication Services -3.9% Energy -21.3% REITs -3.6% Industrials -9.8% Consumer Staples -1.0% DBUSCICG

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458551.pdf

EFTA01459648Set 10

2016-02-081p297w

Financials -10.9% Dividend Yield (Bond Substitutes) 0.8% DBUSDMST (US Domestic Strength) • -6.0% Utilities 7.3% Global Cyclicals -5.8% Telecommunication Services 8.1% Energy -4.3% REITs -4.6% Industrials -4.9% Consumer Staples -1.5% DBUSCICG

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459648.pdf

EFTA01459764Set 10

2016-02-081p292w

Financials -10.9% Dividend Yield (Bond Substitutes) 0.8% DBUSDMST (US Domestic Strength) • -6.0% Utilities 7.3% Global Cyclicals -5.8% Telecommunication Services 8.1% Energy -4.3% REITs -4.6% Industrials -4.9% Consumer Staples -1.5% DBUSCICG

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459764.pdf

EFTA01459089Set 10

2015-11-201p302w

Financials 1.1% Dividend yield (Bond Substitutes) 3.4% DBUSDMST (US Domestic Strength) • -3.2% Utilities -6.1% Global Cyclicals 0.9% Telecommunication Services 2.0% Energy -13.1% REITs 1.5% Industrials 0.2% Consumer Staples 3.7% DBUSCICG

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459089.pdf

EFTA01146788Set 9

2012-08-318p6,176w

acceleration to 400 1350, if not 1325. 390 • Two weeks ago, we closed ow global Cyclical sector underweight. Our 380 colleagues in Europe, Mislay Matejka and team, did the same

https://www.justice.gov/epstein/files/DataSet%209/EFTA01146788.pdf