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minic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin Ge
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Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street
te cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970
3.6 -3.3 -2.5 -3.4 -9.7 -7.6 -3.2 62.0 120.0 175.0 250.0 4.6 -0.3 -0.9 CA bal., % GDP Source: National authorities, Deutsche Bank Research 0.2 Deutsche Bank AG/London Page 41 EFTA01476081 8 December 2015 World Outlook 2016: Managing with less liquidity Bond Market Strategy: Peak policy divergence IIThe
0.25% 5.0% 2.5% 3% 6.5% 0.5% 1.5% 2.59 3.37 3.65 9.33 2.25 Figure 7: Our intrinsic valuation model S&P 500 Capi tal ized EPS Valuat ion Deutsche Bank's 2015E S&P 500 EPS DB's "normal 2015E" S&P 500 EPS EFTA01476121 "Normal 2015E" EPS / 2015E EPS Accounting quality adjustment to pro forma EPS No
offman President, CNBC NBC Universal Inc. USA Reid Hoffman Executive Chairman and Founder Linkedln
f Senior Business Editor Managing Partner President and Chief Executive Officer Chairman and Representative Director Artist. USA Vice-Chairman. Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin
offman President, CNBC NBC Universal Inc. USA Reid Hoffman Executive Chairman and Founder Linkedln
Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin
offman President, CNBC NBC Universal Inc. USA Reid Hoffman Executive Chairman and Founder Linkedln
Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin
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ind interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on
et going as soon as possible. In the meantime, we can start sending you trade ideas that we find interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on Monday discussing where the Next Financial Crisis could come from. Clearly he doesn't agree with Nassim Taleb's bla
nd interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on
t going as soon as possible. In the meantime, we can start sending you trade ideas that we find interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on Monday discussing where the Next Financial Crisis could come from. Clearly he doesn't agree with Nassim Taleb's blac
nd interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on
t going as soon as possible. In the meantime, we can start sending you trade ideas that we find interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on Monday discussing where the Next Financial Crisis could come from. Clearly he doesn't agree with Nassim Taleb's blac
nd interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on
t going as soon as possible. In the meantime, we can start sending you trade ideas that we find interesting. Attached is a research piece Jim Reid (Deutsche Bank's most read analyst) published on Monday discussing where the Next Financial Crisis could come from. Clearly he doesn't agree with Nassim Taleb's blac
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