Epstein Secrets

Debt limit to gov. receipts nd Source: OMB, BEA, J.P. Morgan Private Bank Over the last few days, the Gang of Six plan, th

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

4 1980 1986 1992 1998 2004 2010 Source: OMB, BEA, J.P. Morgan Private Bank. Over the last few days, the Gang of Six plan, t

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

Jan-12 2009 2010 2011 2012 Source: BEA/Wards, DB, J.P. Morgan Private Bank. Box indicates impact Source: DB, J.P. Morgan Pri

6.4 4 | 20% 29 10% 27 2.5 0% 2.3 -10% °” Lennar KBHome Toll Hovnanian DR Horton NVR Pultegroup 2001 2008 2008 200% e008 ann .. Source: BuildFax. Empirical Research Partners. Source: Corporate Reports. Empirical Research Partners. Has the data really been that good? I heard better US economic data has a lot to do with th

ategy 3% Hard Assets, Hedge Funds, 4% 18% Source: J.P. Morgan Private Bank, as of July 2011. These portfolios may not be sui

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