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4 Wednesday, September 28, 2016
document TEXT-001-HOUSE_OVERSIGHT_023571.txt Sep 28, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…l organizationcanaffordtocoversuch a huge margin. I believe we especially need to mobilize the participation of private capital in connectivity, and we should make full use of public­private partnerships,” Huang told representatives from more than 20 Asia­Pacific countries and re...

needs saying. If it does, that tends to mean that it is new to the current conversation
document IMAGES-001-HOUSE_OVERSIGHT_010991.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…There may have been some originality in spelling out the implicit axioms behind them, and in generalizing them into all capital including human capital if we trust those axioms. One of the mini-surprises was that gift appeared in my very first equation. Cash flow at the scale o...

CAPITAL CHAPTER VI U.S. and International Cannabis Market Estimates
document IMAGES-008-HOUSE_OVERSIGHT_024741.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL CHAPTER VI U.S. and International Cannabis Market Estimates m U.S. State-Legal Cannabis Market More than 97% of the U.S. population lives in a state or district (District of Columbia) with at least one law that permits the manufacturing, distribution, dispensing...

effective rate greater than 90% of the maximum U.S. corporate income tax rate is not taxable to a
document IMAGES-007-HOUSE_OVERSIGHT_024089.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…’s U.S. federal income tax liability. Similarly, each U.S. Partner’s share of any foreign taxes which may be imposed on capital gains or other income realized by the Fund generally should be treated as creditable foreign income taxes. Capital gains realized by the Fund, however,...

attractive valuations of EU banks vs. US peers (EU banks on 12.0x 2017E P/E vs. US Banks on ~14x and
document IMAGES-003-HOUSE_OVERSIGHT_014862.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… performer in the SX7E YTD due to French election overhang. ° Yet reported a strong set of Q4 results, beating on P&L, capital and dividend which comforts our view that the stock is set for re-rating. ° Continues to tick a number of boxes offering a dividend yield of 5.1% in 20...

CAPITAL CHAPTER VI U.S. and International Cannabis Market Estimates
document IMAGES-008-HOUSE_OVERSIGHT_024751.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL CHAPTER VI U.S. and International Cannabis Market Estimates illustrate the impact of varying these factors with the following sensitivity analysis, which shows the estimated market size at maturity using a range of penetration rates and monthly spending weighted...

counterparts in the next generation. Each cohort (same-age group) invests
document IMAGES-001-HOUSE_OVERSIGHT_011081.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…han growth rate that varies from asset to asset with risk. For illustration, consider factor risk. | argued that human capital figures to be the riskier and higher return factor because assets tend to reflect the risk appetites of their owners. The young are more risk-tolerant,...

ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, GCA 94111 [email protected]
document IMAGES-007-HOUSE_OVERSIGHT_024271.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

BLOCKCHAIN CAPITAL, LLC CCP Il, LP OCTOBER 2015 A A we BLOCKCHAIN CAPITAL ( ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, GCA 94111 investor@blockchain.capital HOUSE_OVERSIGHT_024271

consumption must exclude any schooling or nurture already counted in that
document IMAGES-001-HOUSE_OVERSIGHT_010943.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… or nurture already counted in that investment. (Schooling counts as consumption.) Mill would have understood the human capital concept, defined by Sir William Petty nearly two centuries before, but economists only recently have begun to take it seriously. Mill’s meaning of the...

AVG°
email TEXT-002-HOUSE_OVERSIGHT_031804.txt Jul 13, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

…mportance: High Any thoughts on the AVGO Aug puts? Stock trading at 204.50. Aug puts now $6.50 Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 ALPHA GROUP CAPITAL From: Paul Barrett Sent: Friday, July 13, 2018 9:42 AM To: jeffrey E. <jeevaca...

What other basic terms do we need? Cash flow at the collective scale, where
document IMAGES-001-HOUSE_OVERSIGHT_010980.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ost of economic history has called this exhaust consumption. Schultz recognized some consumption as investment in human capital, I said earlier, and limited the exhaust to “pure consumption”. I will use this and the term “exhaust” interchangeably. Then transfer, consumption, exha...

Tax cuts can be faster-acting than spending programs because they obviate the
document IMAGES-001-HOUSE_OVERSIGHT_011108.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…han spend it as intended. | see it a little differently. Most consumption is maintenance or investment to keep up human capital. We will need that earning power when taxes are restored. Say’s Law Jean Baptiste Say, in writings I haven’t read, argued two centuries ago that supp...

employers’ expense is part of investment in human capital, and reasoned that
document IMAGES-001-HOUSE_OVERSIGHT_010955.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

employers’ expense is part of investment in human capital, and reasoned that employers won't pay it unless they expect eventual recovery with interest. What Becker stopped short of saying is that the same is true of any investment in anything by anyone. When we invest for our o...

I believe that the case for this rule is very strong. The deadweight loss rule and the
document IMAGES-001-HOUSE_OVERSIGHT_011054.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ies that led me finally to rule them out by adjusting the axioms. The life cycle model should also specify that human capital continues after retirement. | admit that this rules out the simplicities assumed in the boss/secretary parable. It continues because we earn imputed pay...