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Eye on the Market, July 25, 2011
mbitious European bailout plan (finally), and how large cap growth stocks and rising corporate profits are patiently waiting for both of them to end White Castle. Twenty five years ago, I had a friend with a peculiar way of responding to seeing things he didn’t like on TV: he would throw White Castle hamburger
Page: HOUSE_OVERSIGHT_025215 →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
Page: HOUSE_OVERSIGHT_025220 →Microsoft Word - 07-25-11 - EOTM - White Castle.docx
mbitious European bailout plan (finally), and how large cap growth stocks and rising corporate profits are patiently waiting for both of them to end White Castle. Twenty five years ago, I had a friend with a peculiar way of responding to seeing things he didn’t like on TV: he would throw White Castle hamburger
Page: HOUSE_OVERSIGHT_025221 →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
Page: HOUSE_OVERSIGHT_025225 →Eye on the Market, July 25, 2011
ambitious European bailout plan (finally), and how large cap growth stocks and rising corporate profits are patiently waiting for both of them to end White Castle. Twenty five years ago, I had a friend with a peculiar way of responding to seeing things he didn't like on TV: he would throw White Castle hamburger
Page: HOUSE_OVERSIGHT_031159 →s been below consensus, which would be consistent with the recent batch of reports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week's package: "By transferring significant risks to the suppo
Page: HOUSE_OVERSIGHT_031163 →Entities connected to both Michael Cembalest and White Castle

JPMorgan Chase
ORGANIZATIONJ.P. Morgan Securities LLC
ORGANIZATION
Bundesbank
ORGANIZATIONthe European Monetary Union
ORGANIZATION
Barack Obama
PERSON
the Institute of International Finance
ORGANIZATION
Empirical Research Partners
ORGANIZATION
Ronald Reagan
PERSON
Moody’s
ORGANIZATION
Mitch McConnell
PERSON
Harry Reid
PERSON
Maastricht
LOCATIONEuropean Financial Stability Facility
ORGANIZATIONthe Monetary Union
ORGANIZATIONthe German Social Democratic Party
ORGANIZATIONLiquidity Hospital
ORGANIZATION
Alliance Bernstein
ORGANIZATIONHamiltonian Advisors
ORGANIZATIONthe Centrum fur Europaische Politik’
ORGANIZATION
Freiburg
LOCATION