Epstein Secrets

y; Silvio Santos, a media billionaire, was 4th in Brazil; Mikhail Khodorkovsky, the tycoon recently freed by Vladimir Putin, was 8th in Russia; while Warren Buffett, who is admired in India, Pakistan and China, was 8th in the world. Actors and musicians do less well. With the exception of the Bollywood superstar

y Vladimir Putin, was 8th in Russia; while Warren Buffett, who is admired in India, Pakistan and China, was

gel Farage, the top politician, was in 16th place. David Cameron received the “most admired” accolade from only two people in a thousand. In Germany, Angela Merkel scored 65 times higher at 13 per cent, second only to the Pope. Vladimir Putin topped the Russian poll with a whopping 24 per cent, Nicolas Sarkozy w

only two people in a thousand. In Germany, Angela Merkel scored 65 times higher at 13 per cent, second onl

y; Silvio Santos, a media billionaire, was 4th in Brazil; Mikhail Khodorkovsky, the tycoon recently freed by Vladimir Putin, was 8th in Russia; while Warren Buffett, who is admired in India, Pakistan and China, was 8th in the world. Actors and musicians do less well. With the exception of the Bollywood superstar

y Vladimir Putin, was 8th in Russia; while Warren Buffett, who is admired in India, Pakistan and China, was

gel Farage, the top politician, was in 16th place. David Cameron received the "most admired" accolade from only two people in a thousand. In Germany, Angela Merkel scored 65 times higher at 13 per cent, second only to the Pope. Vladimir Putin topped the Russian poll with a whopping 24 per cent, Nicolas Sarkozy w

only two people in a thousand. In Germany, Angela Merkel scored 65 times higher at 13 per cent, second onl

com/article/SB10001424053111904265504576566932577007982.html? mod=WSJ_business_whatsNews&mg=reno-secaucus-wsj> Berkshire's New Hire Bears Shades of Buffett WSJ<http://professional.wsj.com/article/SB10001424053111904265504576566933743013152.html? mg=reno-secaucus-wsj> Founder Departs TechCrunch Blog Ov

ollars says WSJ (BNP denies) (WSJ<http://professional.wsj.com/article/SB10001424053111904353504576566821711712348.html>) (trading -7.5%) Germany's Merkel says that euro-area countries must avoid an "uncontrolled insolvency" in Greece Italy sells C3.9 billion of a new five-year benchmark bond as borro

a of where valuations are is to look at the size of the stock market in relation to the size of the overall market, i.e. the market cap / GDP ratio. Warren Buffet has referred to this measure in the US as "probably the best single measure of where valuations stand at any given moment". A rule of thumb is tha

% el Mild LUMBICOldlialeri c Fa Z •% el World Merkel Ceiatilitedion To further highlight the point, w

agement Division Insight Emerging Markets: As the Tide Goes Out = _ “It’s only when the tide goes out that you learn who's been swimming naked.” Warren Buffett, 1982 Letter to Berkshire Hathaway Shareholders 22 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014555 --- PAGE BREAK --- Exhibit 22: ISG Prosp

hat you learn who's been swimming naked.” Warren Buffett, 1982 Letter to Berkshire Hathaway Shareholders

” Second, to what extent will the rise of populism influence policies in the Eurozone? Here, Germany will probably provide a litmus test. Chancellor Angela Merkel and her coalition government are likely to respond to recent terrorist attacks there by proposing a stronger police and military presence, according

rorist suspects have already been arrested among them.°* With German elections scheduled for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014561 --- PAGE BREAK --- While populism is on the rise and

for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman

(NNSA EE—>—E>E—E>E—E—E 10-14 aaa 5-9 Sa 0-4 eee 6% 4% 2% 0% 2% 4% 6% right camps. So far, Macron has fostered a good rapport with German Chancellor Angela Merkel, whom we expect to be re- elected in September. The political risk in continental Europe is now centered in Italy, but we were encouraged that its fa

ered a good rapport with German Chancellor Angela Merkel, whom we expect to be re- elected in September. T

, Shanghai and Shenzhen. It is no wonder Chinese investors have bid up property prices in many major cities around the globe. As a sign of the times, Warren Buffett’s Berkshire Hathaway HomeServices has recently teamed up with China's Juwai.com to bring American residential property listings to China. An Under-App

around the globe. As a sign of the times, Warren Buffett’s Berkshire Hathaway HomeServices has recently te

ties in February. Think of selling defensive equities and bonds and buying banks post-Brexit. None of us will get that right all of the time, but the Warren Buffet maxim “be greedy when others are fearful and fearful when others are greedy” is particularly useful in current markets. Finally, as cross asset inve

ancial markets. Our central case is that centre right President is elected in France (with Francois Fillon now the official Republican candidate) and Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consistent lead for Merkel’s CDU party Chart 20: Fillon