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

tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 25 EFTA00610300 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head F

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

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindoche Global Chief Operating Officer Research Michael Spencer Regional He

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

David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindoche Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Re

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

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head F

States of America Tel: Deutsche Bank Ltd. Aurora business park Moscow, 115035 Russia Tel: Hong Kong Filiale Hongkong Intl. Commerce Centre Hong Kon tel: Deuts Singapore South Tower Singapore 048583 Tel: Deutsche Securities Inc. Japan 2-11-1 Nagatacho 11.1 111111111100-6171 Tel: Deutsc

tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locatio

f Equity Derivatives Research (Mors( ts Bank AC Doo,: he R3:1% AG f),tor 3(bt Si.coritki: Deutsche Bart( Place Mainzer Landshasse 11,17 Allele Hongkong 2-11-1 Nagatacho Level 16 60329 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Philip Streets Germany 1

David Folkerts-Landau Group Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Res

quity Derivatives Research (Mom Bank AG Omani:he Bank AG i tUlt AS; tion“:N. S.noitie.; Deutsche Bank Place Mainzer Landstrasse 11-17 Finale Hongkong 2-11-1 Nagatacho Level 16 60329 Frankfurt am Main International Commerce Centre, Sanno Park Tower Coiner d Hunter & Phillip Streets Sydney. NS

David Folkerts-Landau Group Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony KLarman Global Head of Debt Res

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David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Steve Pollard Global Chief Operating

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David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional