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HARMING OTHERS, version 1.1: microcontrollers
document IMAGES-002-HOUSE_OVERSIGHT_012782.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

HARMING OTHERS, version 1.1: microcontrollers In any competitive situation, whether it is animals working out a strategy for maximizing the odds of obtaining food or humans working out a strategy for maximizing the odds of check mating an opponent’s king, someone will walk away...

Exhibit 19: US Equity Volatility
document IMAGES-003-HOUSE_OVERSIGHT_014553.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 19: US Equity Volatility Spikes in equity volatility have corresponded with major global shocks. VIX Level 30 () Global Financial Crisis 80.9 ® First Greek Bailout (11/20/08) @) Debt Ceiling, S&P Downgrade, 70 -| Eurozone Sovereign Debt Crisis G) Greek Default 60 + @...

Exhibit 48: S&P 500 Price-to-Trend Earnings vs
document IMAGES-003-HOUSE_OVERSIGHT_014584.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 48: S&P 500 Price-to-Trend Earnings vs. Subsequent Calendar-Year Price Return Starting valuation multiples tell us little about equity returns over the following year. S&P 500 Returns 1 Year Forward (%) 50 - R?=5.2% 40 « ° oe 30 - ° ° % ¢ + 20 ¢ @,¢ o . * ° 10 wep see...