Epstein Secrets

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e to for sale. There are generally no loan discounts. interest buydowns, or sales or financing concessions being given in this market. are cameras Utilities and off-site improvements are typical for the market area. There are no adverse site factors or external conditions (easements. encroachments. or en

ntina 2.9 -1.5 3.0 4.8 42 4:S .4.6 -1.4 4.0 10.7 34.0 40.0 45.0 Brazil 2.5 1.1 1.8 1.8 0.7 Q,2 1.8 2.7 22 5.8 6.3 6.3 6.3 Chile 4.1 2.5 3.5 -0.4 3.0 21 4.0 2.8 3.2 2.5 4.5 4.2 4 3.0 Colombia 4.7 5.0 45 31 9.7 21 4.0 4.0 5.0 1.8 2.8 3.2 3.0 Ecuador

YID Equity Sector Performance' Energy Materials Industrials Discretionary Staples Healthcare rmancials Information Tech. Telecormimications Utilities Overall •Lawdaneturrn as el Al 10.2014 Sauce: J.P. Wigan 1.36 101 1/1 0.94 2.22 6.15 1021 2.12 1.34 102 1.71 0.92 2.30 6.20 1000 2.

ican Smelting and Refining Company or ASARCO) that expanded to include copper and nitrates not only in Colorado, but eventually in Mexico, Alaska, Chile, and other places around the world. Five of the brothers participated in the business activities of the family: Daniel, Murry, Isaac, Solomon, and

Founder, Chair, Treasurer Diamond Machining Technology, Inc. Marlborough, MA Andrew Safran F'76, F'77 Managing Director and Global Head Energy, Utilities and Chemicals Investment Banking Citigroup Global Markets Inc. New York, NY Thomas Schmidheiny H'99 Chairman Spectrum Value Management Ltd. Jo

a market FT • Thousands take to streets in Kiev after EU deal delayed FT • Samsung: Too big for its bourse Lex • Truckmakers: Long haul Lex • Chile: Just deserts Lex • Stock hedging: blowing bubbles Lex • Europe's Easy-Money Policy Snubs German Savers WSJ • Private Equity Retums to Spain, I

e deposit rate Leading European Sectors: TravlLes +1.71%, Tech +0.92%, Autos/Parts +0.92% Lagging European Sectors: Oil & Gas -0.32%, Telco +0.10%, Utilities +0.16% QIHU revs beat — MNTG no longer in buyout talks — YHOO news anchor deal with Katie Couric Secondaries (announced/priced): IPO's: Damac book

are expected to remain weak through much of 2016. Changes to commodity prices in the last three years have greatly harmed countries like Venezuela, Chile, Colombia and Peru, with accumulated income loses since 2012 of 8.0% of GDP, 4.5%, 4.0%, and 2.3%, respectively. Weaker economies have also exace

and Industrials worry us a great deal. Most of the rest of the market, both the S&P and the Russell 2000, seem fully valued except a few big Banks, Utilities, Airlines, and some of our specific stock picks. EFTA01476108 Fortunately, Health Care and Tech represent 35% of the S&P 500. These two sectors d

N AMERICA 37 Brazil — cheap but fundamentals continue to deteriorate 37 Mexico — expensive but still better than the alternatives 39 Chile — continued breakdown of the neo-liberal EFTA01466398 model 41 CEEMEA 42 South Africa — cheap currency but expensive equities Russia —

gure 17: EM versus DM by sector — P/BV (x) and RoE (%) Sector Financials Energy Materials Consumer Discretionary Consumer Staples Industrials Utilities Telco Information Technology Healthcare AGGREGATE EM P/BV (x) EM ROE (%) 1.46 0.94 1.35 2.24 3.82 1.47 1.06 2.39 2.08 3.90 1.59 13.8

il Bovespa 58383 2.6% Information Tech. 15.6% 16.1% -5.2% 19.3% Hang Seng 22111 22.1% Telecommunications 21.9% -3.4% -1.3% 12.2% Shanghai SE 2117 42% Utilities 47% 8.2% -20.4% 5.2% *Levels/returns as of Nov 08, 2012 Overall 15.6% 13.2% 4.4% 12.2% Local currency except MSCI EM $ Source: J.P. Morgan HOUSE_O

24 3.91 45 34 37 40 12 6.0 6.0 6.8 Argentina 89 27 3.6 24 -3.2 5.0 10.0 2.0 25 2.0 96 99 10.0 11.0 Brazil 27 14 4 0.5 6 48 46 3.8 40 43 6.7 5.0 55 56 Chile 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 Ecuador 8.0 5.0 40 42 48 3.0 55 5.0 3.0 3.0