Epstein Secrets

ning worldwide Billions of barrels/GDP 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 1980 1983 1986 1989 1992 1995 1998 2001 Source. ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary •

to change. Past penantance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client perforntance and may not represent actual transactions or investments in client accounts. The mode

ng up again Residential units sold. 5-day moving average 1,200 1,000 800 600 400 200 0 Oc -09 Dec-09 Feb-10 Apr-10 Source: BCA Research, ISI Group. Jun-10 Aug-10 Oct-10 EFTA00751567 Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI).

to change. Pasignformance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client amounts. The model p

nal 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. cementpiodudion and steel productional.° as of Dec.2011. All theother d

o change. Past performance is nor a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. Iris a proxy for client performance and may nor represent actual transactions or investments in client accounts. The mod