Epstein Secrets

997; equities expensive 31 Malaysia — low-beta but fundamentally without merit 33 Thailand — tempting only to a tactical contrarian 34 Philippines — superior fundamentals more than priced in 35 LATIN AMERICA 37 Brazil — cheap but fundamentals continue to deteriorate 37 Mexico —

sus oil price — YoY growth, both USD (%) Source: Deutsche Bank (Marc Balston, Robert Burgess, Drausio Giacomelli, Gustavo Canonero, Taimur Baig), Haver Analytics Source: Deutsche Bank, Bloomberg Finance LP Our long-standing overweight position on Turkish equities has been by far the least successful of our

the future. Correlation 0.25 0.20 5 015 4 014 0.10 - 0.05 - 0.00 Since 1957 Since 1970 Data through 03 2016. Source: Investment Strategy Group, Haver Analytics, Olivier Blanchard, “Three Remarks About the US Treasury Yield Curve,” Peterson Institute for International Economics, June 22, 2016. We have examin

ae} f= i} chile (1.2%) & I EM Russia (4.5%) Taiwan (12.2%) Korea (14.4%) Turkey (1.0%) Malaysia (2.5%) Thailand (2.3%} China (26.5%) Mexico (3.5%) Philippines (1.2%) Poland (1.1%) Indonesia (2.6%) India (8.3%) Brazil (7.7%) South Africa (7.1%) Data as of December 31, 2016. Note: Based on monthly data sin

an Buildup Iraq War (10) (20) 64 72 81 90 98 07 Trump? 16 Through September 30, 2016 Four-year moving average Source: Bureau of Economic Analysis and Haver Analytics occurred in the mid- 1960s, during President Lyndon Johnson's term, and ran for five years. That was tied to the military engagement in Southeast Asi

Act 2001 (Cth of Australia) or the Financial Advisers Act 2008 (New Zealand), and should not be construed as advice. Note to Readers in Vietnam, the Philippines, Brunei, Thailand, Indonesia, China, Taiwan and India: This document is provided solely for the informational purposes of institutional investors and