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

apita Health Spending ($) PF Ay o oS So | | | | | | | | | | | | | | $0 Korea Japan Greece UK lreland Belgium Turkey Czech Republic Mexico Poland Hungary Slovak Republic Portugal New Zealand OECD average Finland Iceland Sweden Australia Denmark Netherlands Germany France Austria Canada Switzerland Nor

chart (below) that we showed earlier in the year on the low gold ownership rate compared to prior periods. Ray agreed that for generations until the Volcker disinflation which began in the 1980s, investors generally held more investments that functioned as a "store of value". Many investors are scramblin

orld Bank), Saudi Arabia should in principle account for a greater share of global portfolios. Its GDP is greater than Malaysia, Ireland, Denmark or Hungary. But the following constraints are part of the investing landscape: Public equities: Saudi Arabia is 50% of Gulf region market cap and its equity m

arties. Parts of the Dodd-Frank Act, such as the "Volcker Rule," may affect the number and type of partic

ollowing countries are in the EEA: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slov

arties. Parts of the Dodd-Frank Act, such as the "Volcker Rule," may affect the number and type of partic

ollowing countries are in the EEA: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slov

arties. Parts of the Dodd-Frank Act, such as the "Volcker Rule," may affect the number and type of partic

ollowing countries are in the EEA: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slov

arties. Parts of the Dodd-Frank Act, such as the "Volcker Rule," may affect the number and type of partic

ollowing countries are in the EEA: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slov

arties. Parts of the Dodd-Frank Act, such as the "Volcker Rule," may affect the number and type of partic

ollowing countries are in the EEA: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slov

ward cash-rich and faster- growing Asia. Emerging market country preferences Current most Current least preferred markets preferred markets Brazil Hungary China Indonesia Mexico Poland We currently have a neutral view on the remaining emerging equity markets in the MSCI EM index. For further informati

le to enter and exit their strategies Regulation Volcker's rule, USCITS III/IV 36 UBS Recommendations St

stands ready to buy the bonds of compliant Eurozone governments has lessened the tail risks for the smaller European emerging equity markets (Turkey, Hungary, Poland), but their equity markets are susceptible to setbacks. Strategic (1 to 2 years) e Strategically, we would advise that EM portfolios tilt t

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