Epstein Secrets

'89 '92 '95 '98 ‘01 '04 ‘07 '10 Source: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund IF Institute

cap growth stocks Post-dividend free cash flow margin ‘71 ‘74 ‘77 '80 '83 ‘86 '89 '92 '95 '98 ‘01 '04 ‘07 '10 Source: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federa

d macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on". CBO Congressional Budget Office OMB • Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT

s been below consensus, which would be consistent with the recent batch of reports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week's package: "By transferring significant risks to the suppo

macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on”. CBO Congressional Budget Office OMB _ Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIG

rings, measuring 2.5 inches square. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not b