Epstein Secrets

* 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

ment income Shenzhen Electricity Cement production production production Source: Nationa Bureau of Statistics, PROC, China Automotive Information, China Economic Information Network, CLSA-Markit, Haver Analytics. J.P. Morgan Securities LLC, ISI Group, J.P. Morgan Private Bank. * PMI data areindexlevel. Housingprice toincome, ceme

going to be a smooth one. The global private sector still inhabits a world more affected by government policy than any other in the last 300 years. Michael Cembalest Chief Investment Officer I The new 5-year plan calls for a 7% growth target. Barry Eichengreen at Berkeley notes that the transition to slower grow

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ank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother dataareas of Feb.2012. Michael Cembalest Chief Investment Officer "What a dirrenee a day makes", Dinah Washington, 1959, Mercury Records "Banks Deleveraging and Real Estate", Morgan Stanl

forcrVA.A.N1 Electricity production Cement production Steel production Source: National Bureau& Statistics, PBOC,ChinaAutomptive Infonnatbn, China Economic Information Network, CLSA•Marbt. HaverAnalytics. J.P. Morgan Securities 11O, ISI Group, J.P. Morgan Private Bank. • PMIdata are index levet Housingprice to income. ceme