Epstein Secrets

ndscape changes. Michael Cembalest Chief Investment Officer [a] Bemanlce wrote in 1999 about the "self-induced paralysis" of the Japanese, and how Roosevelt's best contributions in the 1930's were the "willingness to be aggressive and to experiment", and "for having the courage to abandon failed paradig

since 2001 remains uninvested. We're watching for opportunities in transportation, infrastructure and consumer goods in case the landscape changes. Michael Cembalest Chief Investment Officer [a] Bemanlce wrote in 1999 about the "self-induced paralysis" of the Japanese, and how Roosevelt's best contributions in

o% Economic Policy Institute Heritage Foundation Roosevelt Institute Source: OME, CHO, Peterson Foundation 2

rings, measuring 2.5 inches square. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not b

cy Institute Heritage Foundation -5% Low earners Roosevelt Institute j } oy 1955 1960 1965 1970 1975 1980 19

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 Facility FICA Federa