Epstein Secrets

rn to the mundane topic of investments. Next week, a detailed look at opportunistic US commercial real estate investing in the current environment. Michael Cembalest Chief Investment Officer 1991 1994 1997 2000 2003 2006 2009 1985 1988 Source: European Commission. Postscript: As a reminder, the Institute o

chael Cembalest Chief Investment Officer 1991 1994 1997 2000 2003 2006 2009 1985 1988 Source: European Commission. Postscript: As a reminder, the Institute of International Finance is attempting to corral private sector Greek bondholders into a voluntary exchange, with losses ranging from 60%-70% on an NPV basis. Private sector

gan Chase JPNI-SDNY-00001699 EFTA_00 189039 EFTA01301151 J.P. Morgan advises each donor as their own CIO J.P. Morgan Global Asset Management: Michael Cembalest Heal el Card1O(01W. Ilemlot Manor Medd Parkin. R.'S WA oi Eton. 14..1.4 Met Judea+ Cord. Menial Cm /maim he JP.PAser• Gamble Ghligked Dior

responsibilityfor the Asset Management business. in addition to his role as head of the Private Bank Mr. Staley serves on the Board of Directors of the Institute of International Finance. Robin Hood Foundation. Council on Foreign Relations. United States•China Business Council and the Board of Trustees of Bowdoin College. Mr. Staley

er, the timing, magnitude and realism of the official sector response will determine how positive the market reaction will be. Seeing is believing. Michael Cembalest Chief Investment Officer [see Appendix for some charts on European banks] I Peak home price to income ratios: Ireland I2.Ox, Spain 8.0x, US 4.5x.

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re

er, the timing, magnitude and realism of the official sector response will determine how positive the market reaction will be. Seeing is believing. Michael Cembalest Chief Investment Officer [see Appendix for some charts on European banks] I Peak home price to income ratios: Ireland I2.Ox, Spain 8.0x, US 4.5x.

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance: target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options Include exchanging

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

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance; target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options include exchanging

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

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

ty Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT_031163 --- PAGE BREAK --- IF Institute of International Finance ECB European Central Bank EMU European Monetary Union AMT Alternative Minimum Tax A White Castle hamburger is smaller than its competitors' offerings