Epstein Secrets

TE Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: =/b>"Ens, Amanda" < Subject: =/b>BAML Spotify =heat Sheet - UPDATE Date: =/b>March 7, 2018 at 2:09:53 PM =ST To: = Reply-To: =/b>"Ens, Amanda" < Trading =ommenta

is =inimal. Due to royalty agreements, marginal costs for Spotify =row with user growth limiting operating leverage from network effect =similar to Lyft/Uber/Airbnb) Competition — =pple Music — Record labels Index Implications In =rder to be included in the S&P 500, a company must have been =rading for at leas

com» Subject= BAML Sootily Cheat Sheet - UPDATE </=iv> Date: March=7, 2018 at 2:09:53 PM EST To: "rkahn" mailto:a &g=; Reply-To: </r=pan>"Ens, Amanda" < <mailto > =u> Trading Commentary (Not a product of BAML Research and=should not viewed as a research report) <=span> S=otify: Stockholm-based

is minimal. Due to royalty agreements, marginal costs fo= Spotify grow with user growth limiting operating leverage from network ef=ect (similar to Lyft/Uber/Airbnb) * =span style="font-size:10.5pt">Competition — Apple Music — Record labels Index Implications In order to be included in the S&P 5=0, a compa

> 10022 <https://maps.google.comfiq=57S+Lexington+Avenue+4th+Floor+New+York,+NY+100228zentry=gmail&sourcerg> Begin forwarded message: From: "Ens, Amanda" <[email protected] <mailto:amanda.ens@bamIcom» EFTA_R1_01647199 EFTA02513876 Subject: BAML Spotify Cheat Sheet - UPDATE Date: March 7, 2018 a

is minimal. Due to royalty agreements, marginal costs for Spotify grow with user growth limiting operating leverage from network effect (similar to Lyft/Uber/Airbnb) * Competition — Apple Music — Record labels 2 EFTA_R1_01647200 EFTA02513877 Index Implications In order to be included in the S&P 500, a com