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

er Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regi

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 Heed Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Heed Deutsche Ba

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David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindoche Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ba

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Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

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

Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony KLarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany Interna

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