Epstein Secrets

el Cembalest Chief Investment Officer "What a dirrenee a day makes", Dinah Washington, 1959, Mercury Records "Banks Deleveraging and Real Estate", Morgan Stanley Research, Francesca Tondi, March 15, 2012 The ECRi (Economic Cycle Research institute) claims papal infallibility on its historical recession predictions. EC

.2 • •0.3 -Ti MSCI World • 1,175 - 1,075 - 975 •0.4 • •0.5 - Index • 875 •0.6 • - 775 675 •0.7 2008 2009 2010 2011 Source: Citigrotp, Bloomberg. 2012 Unfortunately, the ECB can't create jobs Employment percent change, O0O, saar 3% .3% 2005 2006 2007 2008 2009 2010 2011 Source: Eu

future returns. In short, we have an investment cycle where some asset- class price movements are out of synch with economic growth. Sources: Morgan Stanley Research, Bloomberg Finance L P Data as of November 2015. Past performance is not indicative of future returns. Readers should refer to the explanatory notes

onomic growth. Sources: Morgan Stanley Research, Bloomberg Finance L P Data as of November 2015. Past perfo

onal Accounting: A Meaningful Way to Assess Generational Policy,” published on 12/94 in The Journal of Economic Perspectives. KP Source: Greg Jonas, Morgan Stanley Research. i USA Inc. | High Level Thoughts 31 ...and About Government Budgeting e Federal government budgeting follows arcane practices that are very differ

Foreword George P. Shultz, Paul Volcker, Michael Bloomberg, Richard Ravitch and John Doerr February 2011 Ou