Epstein Secrets

FNC, WHG Economic Data: Jobless Claims @ 8:30am, Bloomberg Economic Expectations & Consumer Comfort @ 9:45am

S Key Research: EFTA00370947 • BMO initiates RFMD/SWKS/TWNT (mp), DB upgrades EFX (buy), Leerink downgrades MDCO • Raja initiates GBDC/HAFC (op), Vertical initiates DMRC (buy), RBC initiates PCL (op) • Jefferies upgrades EFX/EIX (buy), JPM upgrades GOGO/BWP, Longbow initiates NCLH (buy) • Piper assume

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

r the euro area) 10 15 20 25 30 -5 0 5 -10 -6 -2 2 6 10 14 18 22 26 30 34 No. of quarters from peak: Japan Q1-90, Euro area and US Q4-07 Vertical lines indicate the peak in deleveraging in US and EA Source: : Haver Analytics LP, Bloomberg Finance LP, ECB, Federal Reserve, Bank of Japan, Deuts

2017A 2018E 2019E 2020E Source: Company Reports, Bloomberg COWEN.COM HOUSE_OVERSIGHT_024876 COWEN COLLABO

increased share of U.S. eCommerce sales. COWEN.COM 65 HOUSE_OVERSIGHT_024881 COWEN COLLABORATIVE INSIGHTS Figure 110 Prime Member Purchaser % By Vertical, 1918-4018 February 25, 2019 Figure 109 Share Of U.S. eCommerce Sales '13 vs. ‘18E vs. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Spor