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[DECEMBER DRAFT--- 287 pages]
document TEXT-001-HOUSE_OVERSIGHT_020153.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ex, asking a user with whom he was chatting on the Ars Technica site in December 2008 to “pray” for a collapse of stock prices. When his correspondent asked him why he wanted him to pray for a decline, Snowden responded “because then I’ll be filthy fucking rich.” The stock mark...

Times Square Tower
document TEXT-001-HOUSE_OVERSIGHT_024003.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… U.S. DOLLARS ($) AND THE CURRENCY OF YOUR OWN JURISDICTION. SUCH FLUCTUATIONS MAY HAVE AN ADVERSE EFFECT ON THE VALUE, PRICE OR INCOME OF YOUR INVESTMENT. ALL SECURITIES INVESTMENTS RISK THE LOSS OF CAPITAL. NO GUARANTEE OR REPRESENTATION IS MADE THAT THE FUND WILL ACHIEVE ITS I...

Power, Fortune and Survival in the Age of Networks
document TEXT-001-HOUSE_OVERSIGHT_018232.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…. Networks are like any organized system; they reflect the aims and ethics and habits of the people who build them. The price of meshing so many different aims and sensibilities, hopes and hatreds, will be costly. When Nan said that really, fully grasping our world would be expen...

National Pub date: February 19, 2019
document TEXT-001-HOUSE_OVERSIGHT_016804.txt Feb 19, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

…chnologists of the 1950s, he failed to predict the computer revolution. Computers, he thought, would eventually fall in price from hundreds of thousands of (1950s) dollars to tens of thousands; neither he nor his compeers anticipated the tremendous explosion of computer power tha...

Price objective basis & risk
document IMAGES-003-HOUSE_OVERSIGHT_014939.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Price objective basis & risk Alphabet (GOOGL / GOOG) Our price objective is $1025/$1025, representing 17x our core 2018 Google non-GAAP EPS estimate (excluding non-Google losses), plus $118/share in cash, or 21x core Google GAAP EPS plus cash. Alphabet has traded at 12-24x forw...

Important Disclosures
document IMAGES-002-HOUSE_OVERSIGHT_014429.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: (i) absolute total return potential...

Owner last Name Owner First Name Parcel Address Suite Mailing Address Suite City State Zip
document TEXT-001-HOUSE_OVERSIGHT_016698.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…HERBERT J GERALD SR FAM TRUST NORDBACK CLARE A HILL EDWARD R & MARSHA E BIANCO ANGELO J BURRUS PETER M & WRIGHT RICHARD PRICE GORDON W & GILBANE SARAH B GARDINER NANCY T PRAY NATALIE THOMAS KORNEGAY BRYAN B JR & GALLO DENNIS BAIRD ELIZABETH G BEASLEY JANE RICCOBENE MARY MELLON BK...

Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~
document IMAGES-008-HOUSE_OVERSIGHT_025583.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Bolsa, S.A. de C:V., Morgan Stanley Canada Limited and their affiliates as necessary. For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at w...

COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024918.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 Equity Research Price Targets: Cowen and Company, LLC assigns price targets on all companies covered in equity research unless noted otherwise. The equity research price target for an issuer's stock represents the value that the ana...

It follows that if real GDP is understated, then
document IMAGES-003-HOUSE_OVERSIGHT_014548.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e official statistics substantially underestimate the real growth of output” after studying the methods used to measure price indices.°° We point to three examples to illustrate the mismeasurement argument. First, our colleagues in Goldman Sachs’ Global Investment Research (GIR)...

First Bancorp Puerto Rico (FBP)
document IMAGES-002-HOUSE_OVERSIGHT_014382.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

First Bancorp Puerto Rico (FBP) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $6.50 price objective. We assign a 1.0x multiple to our 2Q17E TBV, below the 1.6X for peers, due to the overhang of PR fiscal issues that may reduce TBV. Our revised impl...

Important Disclosures
document IMAGES-003-HOUSE_OVERSIGHT_014496.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: (i) absolute total return potential...

iQmethod™ Measures Definitions
document IMAGES-003-HOUSE_OVERSIGHT_014883.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…o Net Debt = Total Debt, Less Cash & Equivalents Total Equity Interest Cover EBIT Interest Expense Valuation Toolkit Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified) Price / Book Value Current Share Price Shareholders’ Equity / Curren...

higher-than-expected International investments. The biggest downside risk is lower
document IMAGES-003-HOUSE_OVERSIGHT_014942.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…sk is lower revenue if Tinder experiences a decline in popularity or public perception. Netflix, Inc. (NFLX) Our $154 price objective is based on a peak penetration sum-of-the-parts analysis which discounts back future EPS at peak penetration by 10%. At peak penetration, we ass...

Norfolk Southern (NSC)
document IMAGES-003-HOUSE_OVERSIGHT_014638.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Norfolk Southern (NSC) Our $122 price objective is based on a 19.5x multiple on our 2017 EPS estimate of $6.25. We move above the top of its one-standard deviation historical trading range of 12x-16x given the new management team's move to improve margins, cut costs, and raise i...