Epstein Secrets

1% a month return from holding the front contract and rolling down into the second each month. This equates to over 12% a year only in roll/slide. Jan Loeys 11-1 014 C014 John Normand (dt 1n) to 1R16 jimmilimmen Nikolaos Panigirtzoglou (do 1a1) 111A '19 I Seamus Mac Gorain ( ?4Gt~ Matthew Lehmann

hin DM rather than EM. • Are depressed valuations a good reason to buy EM equities? We do not think so, either. It is true that the PE gap between MSCI World and MSCI EM indices has been widening for two years now to well above historical averages, 3.8 pts currently vs. a historical average of 2.7. This 3

1% a month return from holding the front =ontract and rolling down into the second each month. This equates to over =2% a year only in roll/slide. Jan Loeys <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYLOg/QIFDJA/Ael/ABuQqw/AQ/BEeu> (1-212) 834-5874 <tel:%281-212%29%20834-58=4> John Normand <http://=ma

in DM rather than EM. * Are depressed valuations a good reason =o buy EM equities? We do not think so, either. It is true that the PE gap between=MSCI World and MSCI EM indices has been widening for two years now to well=above historical averages, 3.8 pts currently vs. a historical average of 2=7. This 3

Hedged Into USD. Euro Fixed Income Is illoxx Overall Index. US HG, HY, EhIBIG and EMS Corp are JPM Indices. EM FX Is ELMI+ in S. 2 EFTA00598497 Jan Loeys (1-2121834-5874 Global Asset Allocation The Morgan View 04 January 2013 given we are only in the first week of the year, the early QE exit trad

asset class %. U Is unItedged into USD. H means hedged 2013E 2012 MSCI EM 15.0 17.4 EM Local Fl (U) 10.0 8.9 EMFX 10.0 7.5 GSCI 10.0 0.1 MSCI World 10.0 16.0 US HY 7.5 16.2 CEMBI 7.0 16.7 EMBIG 7.0 18.5 JACI 6.5 14.3 EU HY 6.0 25.0 US HY Loans 5.5 9.7 US KG 5.4 9.9 Gold 5.0 6.