Epstein Secrets

old Debt (LHS) —Debt Service (RHS) 1985 1990 % Disposable Income 15% 14% 13% 12% 11% 10% 1995 2000 2005 2010 Source: Federal Reserve, Bureau of Economic Analysis, As of 12/30/11 Note: Debt Service is Debt payments as % of disposed° personal income Source: Federal Reserve Bank, ECB 4 J.P.Morgan EFTA_R1_020

Source: Federal Reserve, Bureau of Economic Analysis, As of 12/30/11 Note: Debt Service is Debt payments as % of disposed° personal income Source: Federal Reserve Bank, ECB 4 J.P.Morgan EFTA_R1_02049746 EFTA02696368 GIO: Approach to Absolute Return Investing We are asset class agnostic TOP OPPORTUNISTIC INVE

its structured products or options exposures. Structured products and options are not insured by the Federal Deposit insurance Corporation (FDIC). the Federal Reserve Board, or any other governmental agency. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cite

14:21 PM Environment* Eco Growth [Real GDP] Inflation [CPI] 3.3% 3.2% ki Positive Economic Indicator Negative Economic Indicator *Source: Bureau of Economic Analysis, Federal Reserve Bank of Minneapolis, Ibbotson SBBI, Deutsche Bonk 16 EFTA_R1_02033261 EFTA02691370 ... Driving Asset Returns NYC Mayor's Offi

Growth [Real GDP] Inflation [CPI] 3.3% 3.2% ki Positive Economic Indicator Negative Economic Indicator *Source: Bureau of Economic Analysis, Federal Reserve Bank of Minneapolis, Ibbotson SBBI, Deutsche Bonk 16 EFTA_R1_02033261 EFTA02691370 ... Driving Asset Returns NYC Mayor's Office of Pensions & Inv

rms ¢ Investment in education and training This demographic aspect of secular stagnation is undeniable. In fact, an October 2016 paper by a team at the Federal Reserve Board, “Understanding the New Normal: The Role of Demographics,””° shows that the slow pace of economic growth since 1980 and the more pronounced decline i

e negligible returns but come with downside risk, e.g., if the incoming Trump administration’s fiscal policy is more stimulative than we expect or if the Federal Reserve raises interest rates at a more rapid pace than we expect. As we prepared our one- and five-year annualized expected returns for this Outlook and fi

cteristics: the tightening cycle started in 2015, the pace has been 25 basis points per year, the core personal consumption expenditures (PCE) index— the Federal Reserve’s preferred benchmark for inflation—is at 1.6% year over year as of November 2016, and our colleagues in GIR estimate that the labor market still has a

Vietnam 50 War 40 30 20 10 Reagan Buildup Iraq War (10) (20) 64 72 81 90 98 07 Trump? 16 Through September 30, 2016 Four-year moving average Source: Bureau of Economic Analysis and Haver Analytics occurred in the mid- 1960s, during President Lyndon Johnson's term, and ran for five years. That was tied to the military engagem

acceleration like that in the 1960s, a sustained rise of 100 to 200 basis points in general inflation would still seem reasonable-and far above what the Federal Reserve and financial markets are currently expecting. - The information contained herein reflects the views of AllianceBernstein L.P. or its affiliates and