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email TEXT-001-HOUSE_OVERSIGHT_029063.txt Nov 18, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ggested that a racist element in far-right parties "all gets kind of washed out," that the West was facing a "crisis of capitalism" after losing its "Judeo-Christian foundation," and he blasted "crony capitalists" in Washington for failing to prosecute bank executives over the fi...

Eye on the Market, June 14, 2011
email TEXT-001-HOUSE_OVERSIGHT_030006.txt Jun 14, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

…s in the East, and ineffective stimulus in the West **. We expect a modest second half recovery, based primarily on US capital spending increases, easy credit conditions everywhere, and a pick-up in industrial production in Japan. But the world’s structural problems are weighin...

Mark Penn*1g% Corp VP of Strategic Projects (reports to the CEO)
document IMAGES-004-HOUSE_OVERSIGHT_017579.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…als, Kythera Biopharmaceuticals, Semprae Laboratories. *Ken Sawyer*-- CEO, Saints Ventures (manages over $1 billion in capital). Selected to Forbes Midas List. Boards: Continuous Computing, HK Systems, Cleargauge, Travel Intelligence, Envivio, Alliance Consulting, Acsis and Laur...

National Wealth Including Human Capital
document IMAGES-001-HOUSE_OVERSIGHT_011111.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

National Wealth Including Human Capital By definition, pure consumption rate is pure consumption divided by total capital. This can be arranged as pure consumption total capital = (8.1) pure consumption rate Next generation theory modeled the pure consumption rate as 3.5% p...

acceleration = free acceleration + thrift acceleration. (4.5b)
document IMAGES-001-HOUSE_OVERSIGHT_011007.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

acceleration = free acceleration + thrift acceleration. (4.5b) Rates are flows divided by capital expressing them. Then define the two flows as free growth = capital * freeacceleration, and (4.8) thrift = capital * thriftacceleration, giving (4.9) growth = free growth + thrift....

Morgan Stanley | RESEARCH
document IMAGES-008-HOUSE_OVERSIGHT_025581.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… see port- folio monetizations accelerate driving stronger cash earnings generation. Upside risks: Better FPAUM growth, capital deployment accelerates, better returns. Downside risks: Declining valuations reduce cash earnings (fewer exits or lower multiples); slower deploy- ment;...

Economic Research: How Increasing Income Inequality Is Dampening U.S. Economic Growth, And Possible
document IMAGES-008-HOUSE_OVERSIGHT_025783.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…come from businesses and farms operated solely by their owners, partnership income, and income from S corporations. co Capital gains: profits realized from the sale of assets. Increases in the value of assets that have not been realized through sales are not included in market i...

net output is gross realized output less depreciation plus proprietary output. Both
document IMAGES-001-HOUSE_OVERSIGHT_011028.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…through. It shows that even if slavery were legal and common, its market evidence would neither show the value of human capital nor refute the fact that human capital is inalienable. It is inalienable for the reason, if none other, that our maintenance consumption satisfies no on...

Pay 7, literal and imputed, is the measure of gross realized work if 1 am right in
document IMAGES-001-HOUSE_OVERSIGHT_011141.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…dult productive activity not self-invested. Then the ratios 7 /H and C_ /H , the ratio of invested consumption to human capital, might both be intuited as biological norms, like the generation length, which tend to hold steady over time. Meanwhile the definition f =F /K, in (A1.6...

Cannabis Investment Report | December 28, 2017
document IMAGES-008-HOUSE_OVERSIGHT_024635.txt Dec 28, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

Cannabis Investment Report | December 28, 2017 Foreword Ackrell Capital is pleased to present our 2018 Cannabis Investment Report. Much has happened in the nearly two years since we published our inaugural report: the cannabis industry grew significantly, com- panies in the ind...

input of nurture and schooling, and then depreciates gradually to zero just as
document IMAGES-001-HOUSE_OVERSIGHT_010952.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Schultz called the part of consumption exhausted in taste satisfaction “pure consumption”. The part invested in human capital was “pure investment”. I change that to “invested consumption” to avoid confusion with investment in physical capital. Since there is no settled term fo...

prescription drug costs during the temporary “gap” from Medicare coverage until their
document IMAGES-007-HOUSE_OVERSIGHT_024072.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…d decrease the Fund’s anticipated returns or adversely affect its investment opportunities. Availability of Investment Capital Many portfolio companies will require several rounds of capital infusions before reaching maturity. The Fund and its co-investors may not provide all n...

Where Keynes and Kuznets and macroeconomic tradition have been right is in
document IMAGES-001-HOUSE_OVERSIGHT_011057.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…book has been to further the work of Solow in exogenizing growth, and also the work of Ben-Porath in endogenizing human capital as something produced within the economy. It was in that spirit that I derived the Y rule in Chapters 2 and 5 by putting human capital inside. I reache...

Article 1. Wall Street Journal
document TEXT-001-HOUSE_OVERSIGHT_023458.txt Apr 16, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

… and scores more were arrested yesterday. To be sure, the opposition didn't succeed in organizing a major march in the capital. But a crowd of no more than 600 marched from Damascus to the nearby town of Douma, where security forces have killed at least 30 demonstrators in the p...

The expected future flow we discount to present value, allowing for transfers too, is
document IMAGES-001-HOUSE_OVERSIGHT_010982.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…, cash flow = exhaust + transfer out - transfer in. (3.2) That’s the logic behind the present value rule interpreting capital as discounted cash flow. Human cash flow may not be defined in those words anywhere but in this book. But the flow discounted to find human capital is...