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CIO WM Global Investment Office
document TEXT-001-HOUSE_OVERSIGHT_025247.txt Oct 25, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…cipitate a significant downturn of the global economy. Key dates TBA Troika report on Greece 2 Nov Nonfarm payrolls and unemployment rate for October 6 Nov US presidential and congressional elections 8 Nov The 18th National Congress of the Communist Party of China 22–23 Nov Europ...

Health: Not Tremendously Prescriptive
document IMAGES-003-HOUSE_OVERSIGHT_016161.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Health: Not Tremendously Prescriptive Vision 2030 a start but Needs Transparent Proposals The Saudi government’s Vision 2030 document calls for an improvement in healthcare in Saudi Arabia. The private healthcare sector has some role to play; the National Transformation Plan (N...

you are in a first-world country and can buy local insurance to augment your own, which I do, and it
document IMAGES-002-HOUSE_OVERSIGHT_013969.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

you are in a first-world country and can buy local insurance to augment your own, which I do, and it is useless if you are a 10-hour flight from civilization. I had evacuation insurance in Panama, as it’s a 2- hour flight from Miami, but I didn’t bother elsewhere. Don’t freak out...

Exhibit 31: US Cyclical Spending
document IMAGES-003-HOUSE_OVERSIGHT_014572.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…to move higher this year, normalizing energy prices are a key driver (see Exhibit 32). Further, while the November 2016 unemployment rate of 4.6% suggests the economy is near full employment, broader measures of labor slack, as well as today’s depressed labor force participation...

Restructure Social Security: Especially High Unemployment Levels Also
document IMAGES-006-HOUSE_OVERSIGHT_020975.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Restructure Social Security: Especially High Unemployment Levels Also Create Challenge to Reducing Benefits USA Unemployment Rate, 1928 — 2010 YTD 25% 20% x x & 15% H 2 1948-2010 Average = Unemployment Rate s 5.7% = 10% | < 2 5% FCA — Pe a i 0% 1928 1933 1938 1943 1948 1953 19...

Higher yields leading to bank, insurance outperformance
document IMAGES-002-HOUSE_OVERSIGHT_014427.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Higher yields leading to bank, insurance outperformance over REITs The Japanese equity market correction managed to last just for one day after the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and...

Message: We r ready
document IMAGES-009-HOUSE_OVERSIGHT_027766.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Flags: 1060865 Is Read: Yes Is Invitation: No GUID: D9CFFF48-0828-43E2-B2BF-0E157356B316 Message: We r ready Sender: e:[email protected] Time: 06/13/19 02:43:42 AM (582111822) Flags: 1150981 Is Read: No Is Invitation: No GUID: D5D43664-C1B0-487D-AD00-D09C091789D3 Messa...

Global Cross Asset Strategy – Year Ahead
document TEXT-001-HOUSE_OVERSIGHT_014432.txt Nov 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Global Cross Asset Strategy – Year Ahead The Trump inflection Investment Strategy 30 November 2016 Corrected Key takeaways • Market response to Trump is logical but moves have been frontloaded. We now see USD & rates only modestly higher next year. • We see higher growth and inf...

Drilldown on USA Inc. Financials
document IMAGES-006-HOUSE_OVERSIGHT_020849.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…erve the nation’s poorest, whose struggles have been made worse by the financial crisis. Apart from Social Security and unemployment insurance, however, funding for these programs has been woefully inadequate — and getting worse. - Entitlement expenses (adjusted for inflation) r...

Drilldown on USA Inc. Financials
document IMAGES-006-HOUSE_OVERSIGHT_021061.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…erve the nation’s poorest, whose struggles have been made worse by the financial crisis. Apart from Social Security and unemployment insurance, however, funding for these programs has been woefully inadequate — and getting worse. - Entitlement expenses (adjusted for inflation) r...

Underfunded entitlements are among the most severe financial burdens USA Inc. faces
document IMAGES-006-HOUSE_OVERSIGHT_020832.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…er Benefits Benefits $1.6T $2.1T $3.7T $9.1T Social . Defense Medicare + Federal es Medicaid wssiraoe Tax ease 2 2 ) Unemployment Insurance + Other Entitlements $553B Social Security $7.9T Note: USA federal fiscal year ends in September; tinalividux defense discretionary in...

Entitlement Spending: What The Programs Are and
document IMAGES-006-HOUSE_OVERSIGHT_020881.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…billion). Social Security Trust Fund Social Security Trust Fund cash flow = $766 million. balance started to decline. Unemployment Insurance signed into law as part of the Social Security Act, Amendments to Social Security setting up a joint federal- Social Security Act cash f...