Epstein Secrets

t of gravel spoilage, and less dense soil. Higher soil density and gravel estimates could require 2-4 more bombs. BLS BEA BP BTU CERA EIA E&P GAO IEA Bureau of Labor Statistics Bureau of Economic Analysis British Petroleum British Thermal Unit Cambridge Energy Research Associates US Energy Information Agency Exploration and

ted in discussions about reducing reliance on foreign oil: we do a lot more with it than just drive cars. HOUSE_OVERSIGHT_031149 --- PAGE BREAK --- Michael Cembalest Chief Investment Officer [Note a] Austin Long at Columbia University walked me through the geodynamics of the MOP and how many would be needed to pen

h Partners. Source: CBO, BEA, OMB, J.P. Morgan Private Bank. ' Our chief economist Michael Vaknin has analyzed the various seasonal adjustments that the Bureau of Labor Statistics uses when it reports payrolls. After adjusting for better weather, the Lehman shock and other factors, payroll growth does not look quite as good as

* PMI data areindexlevel. Housingprice toincome, cement production and steel productionare as of Dec. 2011. All the other data are as of Feb. 2012. Michael Cembalest Chief Investment Officer “What a diffrence a day makes’, Dinah Washington, 1959, Mercury Records “Banks Deleveraging and Real Estate”, Morgan Stanle

c-12 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: CBO, Bloomberg. Assumes CBO Alternative Case for estimates. Source: Federal Reserve Board ,Bureau of Labor Statistics . They are amazing, but no one knows how long they can be sustained. Even Summers and DeLong concede that “even if it is granted that the stimulus c

al aid and ECB financing to prevent another one. _| Bank lending to HH/NFC, last 12 months None . HH/NFC = households and non-financial corporations Michael Cembalest Sources: IMF, OECD, EU, World Bank, CEPS Chief Investment Officer Sources “States of Bankruptcy, Part I: The Coming State Pensions Crisis”, Jot Eco

goods from China, Malaysia, Thailand and Vietnam, percent 25% • 2005 • 2011E 20% - 15% 10% 5% 0% 12% 10% 8% 6% 4% 1 2% 0% Taiwan Mexico China Source: Bureau of Labor Statistics, Empirical Research Partners. Philippines 2000 2007 2010 Source: UN Comtrade, Empirical Research Partners. To summarize, we expect today's margins to

across the region; and expect a Greek sovereign debt restructuring within the next 18 months (see chart from "Five Stages of Greece", June 30, 2011). Michael Cembalest Chief Investment Officer * JP Morgan's Prime Money Market Fund is indicative of industry concerns about a liquidity squeeze. The fund holds no Greece

J.P. Morgan Private Bank. I've been part of the investment and strategy team at the Private Bank since 2004, when I returned to the firm to work with Michael Cembalest as he assembled a global strategy team to work on behalf of private clients. I was responsible for global multi-asset investment strategy and asset a

loomberg. Data as of November 2012. U.S. inflation is not yet troubling U.S. CPl YoY NSA 4% 3% 2% 1% 0% -1% -2% -3% 2009 2010 2011 Source: Bloomberg, Bureau of Labor Statistics. Data as of November 2012. 2012 Now what? We invest with a 12-month outlook, but also take advantage of short-term trading opportunities. But to borr