Epstein Secrets

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nds US Bonds Global Gov Bonds" JPM Global HY EM Local Bonds" Brent EM $ Corp iBoxx Euro Corps S&P500 US Cash FTSE 100 -4% • EM FX -4% • MSCI Europe -11% Hang Seng -15% Topix -15% rrrrr - MSCI EM $ -16% rrrrr - Brazil Bovespa -17% Corn -20% -40% -20% 0% 20% 40% Source: J.P. Morgan,

ices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands. Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The : .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of the Japa

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, t

ices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands. Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The : .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of the Japa

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, t

ices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The markets. .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of th

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, t

ices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The markets. .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of th

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, t

ices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands. Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The : .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of the Japa

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, t

ices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The markets. .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of th

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, t

indices' Austria. Bgium. Denmark. Finland. France. Germany. Greece. Irancl. Italy. the Netherlands. Norway, Portugal, Spain. Sweden, Switzerland and the United Kingdom. —The MSCI Japan Index is a market cap-weighted index, adjusted for free float The Index is designed to reflect the sectoral diversity of the Japane

I Diversified Commodities Index' 2.0%; MoneyNet Money Funds (All) Tax-Free Average: 2.0%. Growth. Equities. S&P 500. 320%, Russell 2000 Index; 10%. MSCI Europe index 15.5%; MSCI Japan Index' 4.5%. MSCI Pacific Free ex-Japan €nder 3.0%; MSCI Emerging Markets Index: 3.5%. Fixed Income: Barclays Municipal Shor

ices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The markets. .• is a market capitalization-weighted index, adjusted for free float. The Index is designed to reflect the sectoral diversity of th

is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany. Greece. Ireland, Italy, t

line PE multiples do not screen as particularly cheap for European equities but are also not excessively expensive. In fact the current forward PE on MSCI Europe at 14.1x is right in-line with the average since 1987. The most recent high in PE multiples was over 16.5x at the April 2015 market highs. However, m

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