Epstein Secrets

ent at Goldman Sachs & Co, where he spent 10 years focused on equity and debt investment opportunities in Europe and the United States on behalf of Goldman Sachs's real estate private equity group. Mr. Seppala graduated magna cum laude from Harvard College. Farhad Karim is a Senior Managing Director and Chief

d ovarian cancers. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania, where he graduated magna cum laude and was elected to Phi Beta Kappa. Kenneth Caplan is a Senior Managing Director and Global Chief Investment Off

in US equities. Among the reasons: ¢ Our eight-year US preeminence theme is intact and continues into its ninth year. As Professor Jeremy Siegel of the University of Pennsylvania wrote 23 years ago in Stocks for the Long Run' and recently repeated in a Wall Street Journal interview, “Stocks are the best long-run asset.” We re

studying the methods used to measure price indices.°° We point to three examples to illustrate the mismeasurement argument. First, our colleagues in Goldman Sachs’ Global Investment Research (GIR) have pointed out that the official price indices for information and communication technology show an implausible ga

06 0.2 08 0.0 10 Jan-16 Apr-16 Jul-16 Oct-16 Data through December 31, 2016. Source: Investment Strategy Group, Bloomberg, Datastream. Exhibit 92: S&P Goldman Sachs Commodity Total Return Index Commodities generated their first double-digit return since 2009. Annual Returns (%)} 60 40 20 _ LL | I Hi BL gis R

rvard University Sant Jordi Asociados JPMorgan Private Bank Och-Ziff Management Europe Limited S.A.C. Capital Advisors LP Apax Partners Israel Ltd The Goldman Sachs Group Inc. Carnegie Mellon University Vodafone Group Plc Riders for Health Swiss Television RTS Bank Julius Baer & Co. Ltd Absa Capital University of Ox

Starr Senior Fellow and Director, Asia Studies President and Chief Executive Officer World Economic Forum Annual Meeting 2011 The Wharton School, University of Pennsylvania US Chamber of Commerce Axel Springer AG Aargauer Zeitung Adecco Management and Consulting SA Mahindra & Mahindra Ltd Credit Suisse AG British Coun