Epstein Secrets

tion to drive a sound compromise, perhaps driven by Senators Reid and McConnell; maybe we'll have one next week. Bottom line: don't sell your gold. Michael Cembalest Chief Investment Officer On asset sales to fund government operations If the debt ceiling is not raised, asset sales may be a better option in the

+Federal Salaries+ Benefits +IRS Refunds +Foodnitrition Services+ TANF +Education Department 4-Housing and Urban., +Other Spendiig Source: Bipartisan Policy Center and BridgewaterAssociates Estimates. EFTA00617495

9 17.5% 18.1% High earners Fiscal years 1970-2010 18.0%. 20.8% 70% Estimates for 2035: ah CBO alternative case 10% Median American Enterprise earners Bipartisan Policy Center 5% Center for Am, Progress o% Economic Policy Institute Heritage Foundation Roosevelt Institute Source: OME, CHO, Peterson Foundation 2097 Fiscal Su

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

~° High earners Fiscal years 1970-2010 18.0% 20.8% 20% Estimates for 2035: 1% CBO alternative case I@e 33.98 10% Median American Enterprise earners Bipartisan Policy Center 5% Center for Am. Progress 0% Economic Policy Institute Heritage Foundation -5% Low earners Roosevelt Institute j } oy 1955 1960 1965 1970 1975 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