Epstein Secrets

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

emain cautious on equities in the near term. Fixed Income: Despite recent weakness in high yield we remain constructive long term on the sector. Barclays U.S. Corporate High Yield / Energy Spread (in bps) —Barclays U.S. Corporate High Yield Spread (in bps) Figure 2: High yield weakness is energy-related Source: Fa