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

earch 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 AG Deutsche Bank AG Deut

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

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 Sant AG Deutsche Sank AG Deuttrhu Bonk AG Dv 'Iv. he Socurolos Inc.

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

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 Bank AG De.irt.,ht Bank AG E430. )-wtschc Deutsche Bank Place Gro8

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

earch 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 13nns, Llt i l l : rib,' Cli

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

Australia Corner of Hunter & Phillip Streets Sydne NSW 2000 Tel: EFTA01464568 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer Research Richard Smith Associate Director Equity Research Americas Steve Pollard Regional

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arman 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 International Production Locations Dave Clark Head of APAC Equity Research Steve Pollard Head of Americas Research

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

arman 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 International Production Locations Dave Clark Head of APAC Equity Research Steve Pollard Head of Americas Research

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