Epstein Secrets

nd Hungary • • U.S. ChinaU • Indonesia IN Turkey • Philippines • Korea • India MI S. Africa Taiwan • Thailand Ar.. Si ■ Canada Mexico Malaysia • Argentina -1.0% -0.5% ISI Source: Bridgewater Associates. ISI Group 0.0% 0.5% 1990 1993 1996 1999 2002 2005 2008 2011 Source: Energy Infor

going to be a smooth one. The global private sector still inhabits a world more affected by government policy than any other in the last 300 years. Michael Cembalest Chief Investment Officer I The new 5-year plan calls for a 7% growth target. Barry Eichengreen at Berkeley notes that the transition to slower grow

ess (#13 globally as per the World Bank), Saudi Arabia should in principle account for a greater share of global portfolios. Its GDP is greater than Malaysia, Ireland, Denmark or Hungary. But the following constraints are part of the investing landscape: Public equities: Saudi Arabia is 50% of Gulf regio

since 2001 remains uninvested. We're watching for opportunities in transportation, infrastructure and consumer goods in case the landscape changes. Michael Cembalest Chief Investment Officer [a] Bemanlce wrote in 1999 about the "self-induced paralysis" of the Japanese, and how Roosevelt's best contributions in

ina and the IEA) Hourly compensation for production workers Share of US rate, 2005 vs. 2011 30% Share of US imports of intermediate goods from China, Malaysia, Thailand and Vietnam, percent 25% • 2005 • 2011E 20% - 15% 10% 5% 0% 12% 10% 8% 6% 4% 1 2% 0% Taiwan Mexico China Source: Bureau of Labor Statistics

across the region; and expect a Greek sovereign debt restructuring within the next 18 months (see chart from "Five Stages of Greece", June 30, 2011). Michael Cembalest Chief Investment Officer * JP Morgan's Prime Money Market Fund is indicative of industry concerns about a liquidity squeeze. The fund holds no Greece