Epstein Secrets

believe its key competitive strengths lie in: 1) rich IP reserves across all major entertainment catego

Asia Pacific Equity Research Tencent: Smartphone games and video subscription lead to better -arnings outlook Overweight We turn mare positive on Tencent's financial outlook in 2017 and beyond due to: 1) better smartphone games outlook in 2017 especially due to autperformance of Honor of Kings, and 2)

e, Inc.: A Clean Beat on the Path to $1 Trillion Rich=rd Kahn HBRK Associates Inc. 575 Lexington Aven

is unchanged after raising our rev=nue forecast modestly, shifting to CY19, and considering recent multiple co=pression at Services peers (Facebook, Tencent, Alibaba). What we learned f=om Apple's F3Q18 earnings:(+) Services narrative gains momentum with refere=ces to strong pipeline of new services. Se

nda" Date: June 14, 2018 at 9:04:20 AM =DT To: "Rich Kahn Subject:=/b> BAML Insight: NASPERS discount

sue is the 45% discount NAV never seems to close (chart 1). Pa=t 3 months Naspers crystallized over $12bn realizing impressive returns =3D 5,500x on Tencent and 3.7x on Flipkart. Zero impact on the discount for=2 reasons 1) limited visibility on use of proceeds and no buybacks 2) flow= have not been help

nda" =ate: June 14, 2018 at 9:04:20 AM EDT To: "Rich Kahn' =ubject: BAML Insight: NASPERS discount, X

E editing, GDPR idea, S=G short. Reply-To: "Ens, Amanda" Holding compan= with stakes in high quality Internet properties around the world including=Tencent, Mail.ru chttp://Mail.ru> and Delivery Hero. Key issu= is the 45% discount NAV never seems to close (chart 1). Past 3 months Nasp=rs crystallized o

hard Kahn Cc: Jeffrey Epstein Subject: To Do Rich I would like to clean up the following positions

of each of the following: • Win Semiconductor • ST Micro • AMS AG • Sunny Optica= • ASML And lastly we need more eGaming exposure. We have Tencent and =etEase — both of which we will add on the next opportunity. So I w=uld like to add $500,000 each to: EFTA_R1_01327033 EFTA02350036 Ubisoft

v>On Mon, Jul 24, 2017 at 1:55 PM Paul Barrett < Rich Q I would like to clean up the following=posit

the following: • ST Micro • AMS AG • Sunny Optical • ASM= EFTA_R1_01877054 EFTA02642364 And lastly we need more eGaming exposure. We have Tencent and NetEase=— both of which we will add on the next opportunity. So I would li=e to add $500,000 each to: <=i class="m_-1569134557135464472MsolistP

c On Tue, May 16, 2017 at 8:37 PM, Richard Kahn <rich wrote: ok how many shares <=div> Richard Kahn

ailcom <mailto:[email protected]» Another sto=k which you should watch is Netease (NTES). Second largest mobile gaming c=mpany in China after a Tencent. I bought some last week around 275. Very f=w people in the US follow the name. China about to overtake the US as the =orlds largest mobile gaming m

icer Brett Nelson Head of Tactical Asset Allocation Maziar Minovi Managing Director Andrew Dubinsky Vice President Michael Murdoch Vice President Mary Rich Vice President The 7.8% intraday peak-to-trough decline in US equities between September 21st and October 11th has rattled investor confidence. Nume

e President Michael Murdoch Vice President Mary Rich Vice President The 7.8% intraday peak-to-trough

his sector will continue. These include: e Data privacy issues impacting a broad range of companies, including Facebook, Google, Twitter, Alipay and Tencent. e High likelihood of greater regulatory scrutiny in the US? and Europe as policy makers increasingly believe that these companies will not address

icer Brett Nelson Head of Tactical Asset Allocation Maziar Minovi Managing Director Andrew Dubinsky Vice President Michael Murdoch Vice President Mary Rich Vice President The 7.8% intraday peak-to-trough decline in US equities between September 21st and October 11th has rattled investor confidence. Nume

e President Michael Murdoch Vice President Mary Rich Vice President The 7.8% intraday peak-to-trough

his sector will continue. These include: e Data privacy issues impacting a broad range of companies, including Facebook, Google, Twitter, Alipay and Tencent. e High likelihood of greater regulatory scrutiny in the US? and Europe as policy makers increasingly believe that these companies will not address

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

d vol & skew Market may trade on Buy EEM puts financed by a basket of EM puts to lever near record low correl Hedge a potential China tech bubble; Tencent potentially volatile after a 45% rally YTD Hedge the upside into MSCI announcement on 20-Jun Fundamental case to be long EU equities remains intact