Epstein Secrets

s) 200 100% 150 100 50 0 20% 40% 60% 80% -100% -80% -60% -40% -20% 0% 75 78 81 84 87 90 93 96 99 02 05 08 11 Source: Deutsche Bank, Bloomberg The significance of the USD/JPY turn higher should not be understated. It is perhaps the only currency pair that has captured all the major macro

-300 -200 -100 0 Jan-92 USD Bn Annualized Trade Balance Annualized Trade Balance,3m Sum Annualized Trade Balance,12m Sum Jan-96 Source: DataStream, Deutsche Bank. Fig 3: The narrowing in the deficit reflected a outpacing of import growth by export growth 15 25 -35 -25 -15 -5 5 10 20

Fig 20: U.S. Trade Balance — Capital Goods Monthly (US$ bn.) (bars) -4 -2 0 2 4 6 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 Source: DataStream Annual (US$ bn.) (line) 10 20 30 40 50 -30 -20 -10 0 -45 -40 EFTA01464548 -35 -30 -25 -20 -15 -10 -5 0 Source: DataStream Mon

.0 130.0 140.0 80.0 90.0 1.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Source: DB FX Research Source: DB FX Research *Sources: BIS, Bloomberg, Deutsche Bank. Notes: For details on model, see Exchange Rate Perspectives, Jan-13. BEER model is relative PPP adjusted for terms-of-trade and pro

Bn Jan-92 Jan-96 Jan-00 Jan-04 Jan-08 Jan-12 Annualized Trade Balance Annualized Trade Balance,3m Sum Annualized Trade Balance,12m Sum Source: DataStream, Deutsche Bank. -900 -800 -700 -600 -500 -400 -300 -200 -100 0 Figure 2: US and world industrial growth remains sedate 10 15 -15 -10

(line) 20 40 60 -120 -100 -80 -60 -40 EFTA01464390 -20 0 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 Source: DataStream Source: DataStream Figure 18: U.S. Trade Balance — Petroleum Products Monthly (US$ bn.) (bars) -45 -40 -35 -30 -25 -20 -15 -10 -5 0 1994 1996 1998 2000 200

y. Lund, Sweden 3O1999 - 2O2000 Two terms of Political Science and Arts History studies ADDITIONAL SKILLS Computer Applications: MS Office/Excel, Bloomberg, FadSet. Factiva, DataStream Languages: Swedish. Danish. English, German, Japanese PERSONAL INTERESTS Travel, art. tennis, shooting EFTA00725232

2000 Two terms of Political Science and Arts History studies ADDITIONAL SKILLS Computer Applications: MS Office/Excel, Bloomberg, FadSet. Factiva, DataStream Languages: Swedish. Danish. English, German, Japanese PERSONAL INTERESTS Travel, art. tennis, shooting EFTA00725232

y, Lund, Sweden 3O1999 - 2O2000 Two terms of Political Science and Arts History studies ADDITIONAL SKILLS Computer Applications: MS Office/Excel, Bloomberg, FadSet. Factiva, DataStream Languages: Swedish. Danish. English, German, Japanese PERSONAL INTERESTS Travel, art. tennis, shooting EFTA00773706

2000 Two terms of Political Science and Arts History studies ADDITIONAL SKILLS Computer Applications: MS Office/Excel, Bloomberg, FadSet. Factiva, DataStream Languages: Swedish. Danish. English, German, Japanese PERSONAL INTERESTS Travel, art. tennis, shooting EFTA00773706

e selection process of the dataset and explain its origin. The dataset consists of weekly unit prices27 of 59 Islamic Equity Funds obtained from a Bloomberg terminal at UBS Investment Bank in Amsterdam. This sample was screened form a larger sample to only include Islamic funds that predominantly invest

n most of the calculations and regressions in this paper. Data on the market indices and the US 3 month T-bill was obtained from Thomson Financial DataStream. There are a total of 17 benchmark indices chosen to evaluate the IEF returns against, with 11 Islamic and 6 conventional. III.3 Methodology The

P 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Technology R&D

s of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers. Source: General Motors, FactSet, DataStream, History News Network. www.kpcb.com USA Inc. | Consequences of Inaction 432 HOUSE_OVERSIGHT_021057 Comparing GM & USA, Inc... General USA 2010 Mo