Epstein Secrets

looking at relative valuations, outflows have overshot what is a relatively benign valuation picture for US stocks. Using the average P/E ratio of Hong Kong and UK stocks as a global proxy, we find that valuations are close to the medium-term average (chart 3). The odds therefore seem skewed towards hig

lard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank

al Locations Eleotache Sant AG Deutsche Sank AG Deuttrhu Bonk AG Dv 'Iv. he Socurolos Inc. Deutsche Bank Place Groge GaNutshells 10.14 Filial. Hongkong 2-II-I Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany

ael Spencer Regional Heed Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Heed Deutsche Bank Research, Germany Steve Pollard Global Head Equity Research Andreas Neubauer Regional Head Equity Research, Germany International Locations Eleotache

h, Germany International Locations ()init.:Bo Bank AG De.irt.,ht Bank AG E430. )-wtschc Deutsche Bank Place Gro8e Gallusstral3e 10-14 Filial. Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre. Sanno Park Tower Corner of Hunter & Phillip Streets Germany

ael Spencer Regional Head Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head Equity Research Andreas Neubauer Regional Head Equity Research, Germany International Locations ()init.:Bo

nal Head Americas Research Peuts.Ate Elm* A() Deulmtv 13nns, Llt i l l : rib,' Clinik Ai.: Deutsche Bank Mace GroBe GallusstraBe 10 14 Filial° Hongkong 2-I Nagatacho Level 16 60272 Frankluit am Mem International Commerce Centre, Sanno Park Tower Corner of Hunter & Phi1Lp Sheets Germany 1 Aus

lard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research. Ger many Steve Pollard Regional Head Americas Research Peuts.Ate Elm* A() Deulmtv 13

ange and regaled by the Funnel Conduct Authority for the conduct of tweet/rem Ohara° h the UK and ••ahaff dad by the fief ,n Lh• ,epon ro demoted in Kong Kong by Deutahe BIM AG. hang Yang Brand", in Korea be Ponds Staines Komi Co the ficatet a diarthalld an &noun by Deutsche Brink Snooper* Berth or Dosed

lobal Macro Economics Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Beeec.he Bare. AO Eklecche fimiL p,c; Deutsche Bank Place DiorSe GallusstrafLo 10.10 Level 16 60272 Frankfurt am Main Corner of Hunter