Epstein Secrets

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

thods 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 gap between the price deflati

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

io; and (3) 2% leverage ratio in the ECB stress test adverse scenario. Jernej Omahen, “Stress Test: Worst Fears Avoided; Capital Divergence Widens,” Goldman Sachs Global Investment Research, July 31, 2016. Gideon Rachman, “Marine Le Pen Looms Over a Trumpian World,” Financial Times, avember 21, 2016. Cha

r or Solicitation. This material may not, without Goldman Sachs' prior written consent, be (i) copied, photocopied

s of ISG, is not research and is not a product of Global Investment Research. If shown, ISG Model Portfolios are provided for

28 EFTA00793148 bac fioldhsman Investment Management Division Appendix & Disclosures EFTA00793149 Appendix Investment Management Division Goldman Sachs • /MinyaIn • • BitFloor • • Bitcoin Savings and Trust • • BIPS • • Inputsio • • Picostocks• https:/ibitcointakorafindex.phcatouic=576337#post toe 5

agement. Any information that references ISG, including their model portfolios. represents the views of ISG, is not research and is not a product of Global Investment Research. If shown. ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different based on

for PWM. Any information that references ISG, including their model portfolios, represents the views of ISG, is not research and is not a product of Global Investment Research (“GIR”). If shown, ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different ba

to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman Sachs cannot be assigned or otherwise transferred without Goldman Sachs’ prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party. - Counterparty Credi

s price. In the event of any discrepancy between the information contained herein and the information contained in your monthly account statements at Goldman Sachs or another institution, the latter shall govern. Please immediately notify your Private Wealth Advisor of any discrepancies. Fees and Charges.

nagement. Any information that references ISG, including their model portfolios, represents the views of ISG, is not research and is not a product of Global Investment Research. If shown, ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different based on y

to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman Sachs cannot be assigned or otherwise transferred without Goldman Sachs’ prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party. — Counterparty Credi