Epstein Secrets

isis highs. % 700 639 600 500 + 400 300 + 1951 1959 1967 1975 1983 1991 1999 2007 2015 Data through 03 2016. Source: Investment Strategy Group, Datastream. The anemic (but steady) pace of this recovery has fueled a debate about its causes. The theories fall into six categories: e A “hangover” from the

ted Arab Emirates: The information contained in this document does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984, as amended) or otherwise under the laws of the United Arab Emirates. This

, SAMA, IMF, SFD, BofA Merrill Lynch Global Research. Middle East oil exporters consist of Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. OS merrill Lynch GEMs Paper #26 | 30 June 2016 9 HOUSE_OVERSIGHT_016119 --- PAGE BREAK --- Historic energy sector liberalization Partial privat

Saudi 12m Fwd PE 27 EM 12m Fwd PE 25 Average 23 eoccccce Average 2.1 1.9 nhs 1.5 1.3 14 09 07 08 09 10 11 12 13 14 15 16 0 10 (12181 8H Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Research Research Interestingly, no

ients maintain their strategic allocation to US equities. HOUSE_OVERSIGHT_026905 --- PAGE BREAK --- Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘Remarkably Positive Set of E

ted Arab Emirates: The information contained in this document does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984, as amended) or otherwise under the laws of the United Arab Emirates. This

ation to US equities. HOUSE_OVERSIGHT_026920 --- PAGE BREAK --- Sources: Investment Strategy Group, Bank for International Settlements, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver, International Monetary Fund, Teneo Intelligence. Endnotes: (1) Kate Davidson and Sarah Chaney, “F

ted Arab Emirates: The information contained in this document does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984, as amended) or otherwise under the laws of the United Arab Emirates. This