Epstein Secrets

s, REITs should be well supported. REITs Pricing Power '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08

rcial and industrial loans have been positive for 19 consecutive quarters. ISM Index Oct-07 Sep-11 Footnotes: Data as of December 2015. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. Aug-15 Vehicle sales are at the highest level (-18 million annual rate) since 2005. Footnotes: Data as of Novem

% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Tel

015YTD EUR avg: 1.11 2012 avg: 80.6 2013 avg: 80.4 2014 avg: 82.6 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 DXY (lhs) Source: Bloomberg Finance LP, Deutsche Bank EUR/USD (rhs) Figure 2: Oil prices (1st month futures) 105 115 125 EFTA01476307 35 45 55 65 75 85 95 WTI Source: Bloom

% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Tel

n Up Up Up Down Down Down Up Up Up Up Up Up Down Down Down Up Down Down Up Down Down Down Down Down Down Down Source: FRB, Bloomberg Finance LP, I/B/E/S, Deutsche Bank A signal's risk aversion is based on its current level expressed as a percentile of all the observations in its long-term h