Epstein Secrets

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

he-Parts analysis. Each business is valued via DCF (except MtM for TMUS and OTE }) using a 7.0% WACC and 1.00% terminal growth rate for Domestic and Western Europe assets (and 8.0% WACC/1% term growth for Eastern Europe assets) and cross-checked using implied valuation multiple analysis. Our Domestic business v

Consumer Staples and Healthcare. We also like the Energy sector. e We are negative on Industrials and Con

Return to long-term trend ¢ The Eurozone crisis abates. Financial market conditions recover, mitigating the drag from fiscal austerity. ¢ Growth in Western Europe turns decisively positive by early 2013 and the US economy grows above trend. & Negative scenario (Probability: 15%*) Recession ¢ There are three ke

iod of peace until 1945), so the idea of a united Europe would have seemed appealing in 1945. However, conditions for securing a lasting peace within Western Europe were arguably already in place by 1954. 3 A 2005 paper from Stanford raised expectations further by estimating theoretical wind power at 72 TW, 30x g

8/4/11 8/5/11 8/6/11 8/7/11 8/8/11 Source: Electric Reliability Council of Texas. 70 60 50 40 30 20 10 0 •Independent Coordinator of Transmission for Entergy •Midwest Independent Transmission System Operator PJM Interconnection (Southeast/Midwest) •Tennessee Valley Authority •Southwest Power Pool 2002 2003