Epstein Secrets

er Subject: Re: Re: quarterly stc yes , talk to rich kahn , lets wait until tomorw morhing will call b

ncial LLC AAPL 250,000 shares 12 months 1mL+ 75bps Quarterly Termination: Applicable, 3 days (two-way) $0.03 per share, in and out 35% (Cash, Treasuries, or Munis) We will call you before the open on Monday to confirm. Thank you, Vahe From: Jeffrey E. (mailto Sent: Friday, January 08, 2016 3:14 P

at at current levels: • GN2/FN 4.5% looks quite rich and we recommend shorting, even though it is neg

ent GD/FN swap prices. For value of full faith and credit premium, we tighten the initial FNCL OAS by the interpolated agency debenture spread over Treasuries and then re-price in the same model (Tight OAS Price - Mkt Price = Credit value). Finally, to calculate the prepayment differential, we price FNCL

er Subject: Re: Re: quarterly stc yes , talk to rich kahn , lets wait until tomorw morhing will call b

1ml+ 75bps Resets: Quarterly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share, in and out IA: 35% (Cash, Treasuries, or Munis) We will call you before the open on Monday to confirm. Thank you, Vahe From: jeffrey E. [mailto:[email protected] Sent: Friday,

er Subject: Re: Re: quarterly stc yes , talk to rich kahn , lets wait until tomorw morhing will call b

1ml+ 75bps Resets: Quarterly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share, in and out IA: 35% (Cash, Treasuries, or Munis) We will call you before the open on Monday to confirm. Thank you, Vahe From: jeffrey E. [mailto:[email protected] Sent: Friday,

er Subject: Re: Re: quarterly stc yes , talk to rich kahn , lets wait until tomorw morhing will call

1mL+ 75bps Resets: Quarterly Optional Early Termination: Applicable, 3 days (two-way) Commissions: $0.03 per share, in and out IA: 35% (Cash, Treasuries, or Munis) We will call you before the open on Monday to confirm. Thank you, Vahe EFTA01476901 From: jeffrey E. [mailto:[email protected]]

es old, and have been well thought through. It is rich in possibilities because it has to be. It must de

lay of derivatives. The omnibus fund seems to throw away all these options. Not really. One of the lessons of the 2008 crash is that everything but Treasuries tends to go down in high winds. Anti-correlation strategies failed when we most needed them. The omnibus fund isn’t really giving up so much. Its exc

ctor Matheus Dibo Vice President Mary Catherine Rich Vice President This material represents the view

e income. In the sections that follow, we review the specifics of each fixed income market. US Treasuries While 2016 began as a bumper year for US Treasuries, it ended in a rout. The yield on 10-year Treasury bonds, for example, reached an all-time low of just 1.36% by the middle of last year before joltin

rowing disparity of income and wealth between the rich and the poor (Chart 2), and the loss of national

nks hold a 10% capital ratio. This plan would probably decrease the availability of leverage, and could also result in reduced demand for short-dated Treasuries in HQLA portfolios. Another risk to 30y swap spread normalization in particular would be a material increase in deficit spending as part of a fiscal