Epstein Secrets

VERSIGHT_020825 Foreword George P. Shultz, Paul Volcker, Michael Bloomberg, Richard Ravitch and John Doer

usainc In addition, print copies are available at www.amazon.com CB www.kpcb.com USA Inc. _ ii HOUSE_OVERSIGHT_020825 Foreword George P. Shultz, Paul Volcker, Michael Bloomberg, Richard Ravitch and John Doerr February 2011 Our country is in deep financial trouble. Federal, state and local governments are

ition, print copies are available at www.amazon.com CB www.kpcb.com USA Inc. _ ii HOUSE_OVERSIGHT_020825 Foreword George P. Shultz, Paul Volcker, Michael Bloomberg, Richard Ravitch and John Doerr February 2011 Our country is in deep financial trouble. Federal, state and local governments are deep in debt yet co

still rising. Source: Investment Strategy Group, Bloomberg. Inflation and Interest Rates Inflation data ha

the Iranian Revolution and the Iran-lraq War also led to a 2.5 times spike in oil prices that, along with Federal Reserve tightening by then Chairman Paul Volcker, led to a US recession. While we think it is unlikely that Saudi Arabia would react so aggressively in the face of serious US reprisals, we note that

Federal Reserve tightening by then Chairman Paul Volcker, led to a US recession. While we think it is unli

uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates

ignificant concern when thinking about SIVB's growth trajectory. Another issue that has not been discussed much but could occur is any changes in the Volcker rule that would allow the bank to once again participate in investing capital in PE/VC funds. We view this restriction as an unintended consequence o

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

m to enter and exit their strategies. Regulation Volcker rule, USCITS III/IV 2 UBS Recommendations Strat