Epstein Secrets

ctor 0.15% 2,955 189.8 Metals & Mining XME SPDR S&P Metals & Mining 0.35% 392 58.3 Telecom VOX Vanguard Telecom Service 0.12% 993 5.8 Utilities XLU Utilities Select Sector 0.15% 6,447 571.9 k T5 R AUM SM VO9 AUV SM Swore Own*. Sent Skamen Nuncio LP 14010, Nat I fen ye aims Tqualykr

mation Technology VGT Vanguard Inf. Technology 0.12% 7,809 28.6 Communications Egtipment 1GN 'Shares NA Tech-Multimedia Net 0.48% 151 0.5 Internet Software & Services PNOI PowerShares NASDAQ Internet 0.80% 223 1.3 Semiconductors SMH XSD Market Vectors Semiconductor SPDR S&P Semiconductor 0.35% 0.35% 49

and Industrials worry us a great deal. Most of the rest of the market, both the S&P and the Russell 2000, seem fully valued except a few big Banks, Utilities, Airlines, and some of our specific stock picks. EFTA01476108 Fortunately, Health Care and Tech represent 35% of the S&P 500. These two sectors d

Overweight 2015/16 PE 2015 2016 PE PE 14.4 12.9 21.6 20.3 27.8 24.1 19.1 18.4 17.7 16.9 Technology Hardware, Storage & Peripherals11.9 11.2 Internet Software & Services EFTA01476125 30.0 26.7 18.5 17.5 16.9 16.3 21.3 20.1 12.3 11.8 17.0 15.8 14.6 14.3 21.3 19.9 10.5 9.5 16.9 16.4 12.4 12.7 11.8 11.2 Con

(China —5%) A continued profit recession, Foreign Cons Disc Cons Staples Energy Financials Health Care Industrials Tech Materials Telecom Utilities S&P 500 per share Avg oil price Euro Avg FF rate US UE yr end US GDP Global GDP Source: Deutsche Bank Sales % Profits % 27% 28% 41% 18%

958 5,897 414 3,025 22,232 10,111 713 3,215 663 83.6 11,360 EFTA01476341 17,783 Electronic Equipment, Instruments & Components 1,454 Internet Software & Services 3,551 14,226 Semiconductors & Semiconductor Equipment 15,276 19,948 17.4 Construction Materials Containers & Packaging 11,063 526 1,070 4,