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George P. Shultz, Paul Volcker, Michael Bloomberg, Richard Ravitch and John Doerr
document IMAGES-006-HOUSE_OVERSIGHT_020826.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

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 continue to spend beyond their means, seemingly unable to stop. Our curre...

Thatcher, Mandela, Chavez Are Among Notable Deaths in 2013
document IMAGES-002-HOUSE_OVERSIGHT_013275.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Bloomberg Thatcher, Mandela, Chavez Are Among Notable Deaths in 2013 2013-12-26 05:01:00.3 GMT By Steven Gittelson Dec. 26 (Bloomberg) -- The first female prime minister of the U.K., the first black president of South Africa and the first woman to buy a seat on the New York St...

Exhibit 98: Full-Year Average Global Crude Oil
document IMAGES-003-HOUSE_OVERSIGHT_014609.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…man Sachs Global Investment Research, International Energy Agency, OPEC, US Department of Energy, Energy Aspects, PIRA, Bloomberg, Barclays, JP Morgan. Exhibit 99: Gold Prices and US 10-Year Real Interest Rates Gold prices and real interest rates are closely linked. $/Ounce % 2...

Inc.: Private Company Information - Bloomberg
document IMAGES-001-HOUSE_OVERSIGHT_012067.txt,11/14/2017 Rockefeller & Co. House Oversight Committee — Epstein Estate Records (Nov 2025)

Inc.: Private Company Information - Bloomberg

Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic
document IMAGES-002-HOUSE_OVERSIGHT_014436.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…27 650 0.25 Oo Oo Wo Oo Oo Ob Oo 0 0 Oo 0 Oo 8 po WwW WOW © © © © © © © © © © SSReRPERELZERS SSR SR ER SESE ES Source: Bloomberg Source: Bloomberg The moves since Nov 8" have certainly been violent in certain asset classes. USD/JPY stands out, but the sell-off in US treasuries...

Recent steepening of the yield curve. We have highlighted two measures of the yield curve as sign
document IMAGES-009-HOUSE_OVERSIGHT_026899.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…of a recession. Both have steepened since their lows, as shown in Exhibits 5 and 6. Source: Investment Strategy Group, Bloomberg. *““Near-Term Forward Spread” is the implied 3-month forward yield 18-months from now. Source: Investment Strategy Group, Bloomberg. HOUSE_OVERSIGHT...

Underweight Retail
document IMAGES-003-HOUSE_OVERSIGHT_014490.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 8.3% 7.8% 7.3% ——Retail EBITDA margin 6.8% PP FF FF gh gh gh gh gr gh gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Ma...

Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research,
document IMAGES-009-HOUSE_OVERSIGHT_026906.txt Oct 3, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘Remarkably Positive Set of Economic Circumstances,” The Wall Street Journal, October 3, 2018. (2) St...

Chart 80: Stocks mostly trade above ex-pipeline value
document IMAGES-003-HOUSE_OVERSIGHT_014494.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…es sector are attractive relative to history and compared to other Defensives. EV/EBITDA for the sector sits at 7.3x on Bloomberg estimates. That is a 20% discount to the market and is near 10-year lows on a relative basis. With dividends more secure the relative DY becomes more...