Epstein Secrets

ize their banks * Language (with no specifics) regarding the use of EU structural funds to boost growth in Greece What the EU gets: more austerity, Maastricht with teeth (?) and private sector involvement in Greek debt rollover * Legally binding national fiscal framework to be developed by end of 2012; fisc

on. Attractive valuations for US large cap growth stocks Percent g% 7 70, 70 Nominal free cash yield Post-dividend free cash flow margin Source: Empirical Research Partners Q2 earnings season in the US is off to a good start. Nearly 30% of the S&P has reported, and results have generally been positive. Earnings are beat

ize their banks * Language (with no specifics) regarding the use of EU structural funds to boost growth in Greece What the EU gets: more austerity, Maastricht with teeth (?) and private sector involvement in Greek debt rollover * Legally binding national fiscal framework to be developed by end of 2012; fis

ctive valuations for US large 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 F

nd 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 benefits as a percentage Total increase in pre-tax margins of revenue Source: Corporate reports, Empirical Research Partners. Past performance is not indicative of future results. Source: Standard & Poor's, Empirical Research Partners. Last week's train wreck of a labor rep

k since there are no binding committments at all 110% 100% 90% Little progress on debt reduction despite 20 years of primary budget surpluses 80% 70% Maastricht limit 60% 50% 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Source: International Monetary Fund. So to be clear, the Twilight of the Gods has not