Epstein Secrets

From: Richard Kahn Sent: Wednesday, August 1, 2018 2:32 AM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: A Clean Beat on the Path to $1 Trillion Rich=rd Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor<=div> New

Wednesday, August 1, 2018 2:32 AM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: A Clean Beat on the

n Sent: Wednesday, August 1, 2018 2:32 AM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: A Clean Beat

32% Y/Y fore=ast. However, backing out a $236M one-time legal benefit implies 28% Y/Y no=malized growth. In the June quarter, paid subscriptions to Apple Services t=pped 300M users (+60% Y/Y) and the App Store, AppleCare, Apple Music, iClou= and Apple Pay all set new June quarterly revenue records. For the App

From: Richard Kahn Sent: Thursday, November 15, 2018 7:39 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: Supply Chain Noise Creates Buying Opportunity; Still Bullish on Services Richard Kahn HBRK Associates Inc. 575 =exin

Thursday, November 15, 2018 7:39 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: Supply Chain Noise C

Sent: Thursday, November 15, 2018 7:39 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: Supply Chain

ng Lumentum's and Qorvo's negative pre-announcements this =eek suggests investors remain narrowly focused on units, despite the =ncreasing value of Apple Services. As highlighted in our Insight note =ast week, our detailed analysis of Apple Services gives us confidence =n long-term growth and valuation upside

From: Richard Kahn Sent: Tuesday, August 21, 2018 6:53 PM To: jeffrey E. Subject: Fwd: Apple, Inc.: NFLX Potentially Bypassing the App Store an Overblown Concern For Now Richard Kahn HBRK Associates Inc. 575 =exington

(NFLX reportedly not testing this in the US) then the net revenue =mpact to the App Store on a T12M basis would be 80bps, and about 30bps =or all of Apple Services, with an immaterial impact to total Apple =evenue. And despite the margin profile of the App Store being =eaningfully higher than company average,

From: Richard Kahn < Sent: Wednesday, May 23, 2018 9:09 PM To: jeffrey E. Subject: Fwd: Apple, Inc.: The Emerging Power of Apple Services, Part 2: The App Store Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th

rs instead ought to =ocus on understanding the drivers and growth trajectory of the Services =usiness. We are using this follow-up to our March 2018 Apple Services =eep dive to explore the largest business within Services, the App =tore, which we estimate already accounts for nearly 40% of total =ervices revenu