Epstein Secrets

To: Richard Kahn Subject: Trade recommendation Rich, In the short to medium term, we believe the cyc

cyclical rotation has only just begun. Our analysis of 4000 large long-only funds managing $12tn shows that funds have removed their underweight in Emerging Markets and are now neutral relative to benchmark, in aggregate, for the first time in recent years. History suggests that when the Global Wave (our monito

sh Lerner Monique F. Leroux Aharon Leshno-Yaar Rich Lesser Yves Leterme Doris Leuthard Lord Levene

Daily Newspaper Israel Bassem I. Awadallah Chief Executive Officer Tomoh Advisory Jordan Orlando Ayala Corporate Vice-President, Chairman of Emerging Markets and Chief Microsoft Corporation USA Adviser to the Chief Operating Officer Jose Sergio Gabrielli de President and Chief Executive Officer Petro

sh Lerner Monique F. Leroux Aharon Leshno-Yaar Rich Lesser Yves Leterme Doris Leuthard Lord Levene

Daily Newspaper Israel Bassem I. Awadallah Chief Executive Officer Tomoh Advisory Jordan Orlando Ayala Corporate Vice-President, Chairman of Emerging Markets and Chief Microsoft Corporation USA Adviser to the Chief Operating Officer Jose Sergio Gabrielli de President and Chief Executive Officer Petro

oup President and Member of the Board Founder and Executive Director Managing Editor Chief Executive Officer Corporate Vice-President, Chairman of Emerging Markets and Chief Adviser to the Chief Operating Officer President and Chief Executive Officer Managing Director Undersecretary-General, United Nations Wome

sh Lerner Monique F. Leroux Aharon Leshno-Yaar Rich Lesser Yves Leterme Doris Leuthard Lord Levene