Epstein Secrets

rom: Paul Barrett < Sent: Tuesday, July 24, 2018 3:40 PM To: Jeffrey E. Cc: Richard Kahn Subject: Trade Ideas Jeffrey 1. We own $2.5MM of Tencent. The stock is down 20% from the highs in lan=ary. A lot of that has to do with its weight in the Chinese and EM ETFs. • I think we should add $2MM

stock is down 20% from the highs in lan=ary. A lot of that has to do with its weight in the Chinese and EM ETFs. • I think we should add $2MM. • Naspers has now caught up and outperformed Tencent =ince I bought Naspers. Let's also switch Naspers back into Tencent.<=:p> a. Downward revisions to thei

t' 1 1 1 1 keep google. On Tue, Jul 24, 2018 at 5:40 PM, Paul Barrett <paul@al=hagroupcapital.com <mailto > wrote: Jeffrey 1. We own $2.5MM of Tencent. The stock is down 20% fro= the highs in January. A lot of that has to do with its weight in the Chin=se and EM ETFs. EFTA_R1_01792515 EFTA0260336

4, 2018 4:06 PM To: Paul Barrett Subject: Re: Trade Ideas yes On Tue, Jul 24, 2018 at 6:02 PM, Paul Barrett < <mailto wrote: Ok Assume sell Naspers as well? Paul Barrett Alpha Group Capital LLC 1=2 W 57th Street, 11th Floor, New York, NY 10019 <tel (o) <tel > (c) <=a> > > On Jul 24, 201

sue is the 45% discount NAV never seems to close (chart 1). Pa=t 3 months Naspers crystallized over $12bn realizing impressive returns =3D 5,500x on Tencent and 3.7x on Flipkart. Zero impact on the discount for=2 reasons 1) limited visibility on use of proceeds and no buybacks 2) flow= have not been help

imited visibility on use of proceeds and no buybacks 2) flow= have not been helpful as South African investors materially reduced their=ownership in Naspers. Why Buy now? 3 upcoming catalysts. 1) We think the c=mpany will change mgmt. incentive compensation at AGM August 2018 similar =o the strategy Alta