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

…1985 1990 1995 2000 2005 2010 2015 Data through 03 2016. Note: 4-quarter average. Cyclical spending is business fixed investment plus consumer durables spending. Source: Investment Strategy Group, Datastream. Exhibit 32: US Inflation Normalizing energy prices account for much...

Eight plus years into the market recovery, we see valuations extended as most
document IMAGES-001-HOUSE_OVERSIGHT_012080.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…een driven by multiple expansion rather than earnings growth. In this issue of Global Foresight, we highlight potential investment opportunities, as well as challenges to sustaining this bull market. We examine emerging markets with Jimmy Chang focusing on China, and DAVID P. H...

by remaining overweight US corporate high yield
document IMAGES-003-HOUSE_OVERSIGHT_014599.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

by remaining overweight US corporate high yield credit versus investment grade fixed income and by funding various tactical tilts from their high-quality bond allocation. While most investment grade bonds may have uninspiring tactical prospects, we emphasize that investors should...

NLV-III Investment Opportunity
document IMAGES-007-HOUSE_OVERSIGHT_024021.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

NLV-III Investment Opportunity The objective of NLV-III is to invest in a portfolio of healthcare technology companies that offer attractive risk-adjusted returns. The companies that comprise the portfolio will be selected and managed by a team of highly experienced senior partn...

Forward-Looking Statements
document IMAGES-007-HOUSE_OVERSIGHT_024009.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

CERTAIN INVESTMENT CONSIDERATIONS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THE FUND INTENDS TO CONDUCT ITS INVESTMENT ACTIVITIES THROUGH A NUMBER OF SUBSIDIARIES AND AFFILIATES THAT MAY BE ESTABLISHED FROM TIME TO TIME IN ONE OR MORE JURISDICTIONS, EACH OF WHICH MA...

IF Institute of International Finance
document IMAGES-011-HOUSE_OVERSIGHT_031164.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ortfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The model portfolio can be implemented across brokerage or managed accounts depending on the unique objectives of each client an...

You should rely only on the information contained in this Private Placement Memorandum (this
document IMAGES-007-HOUSE_OVERSIGHT_024434.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…NTS, TO ANY PERSON OTHER THAN PROFESSIONAL REPRESENTATIVES OF THE INVESTOR IN CONNECTION WITH ITS CONSIDERATION OF THIS INVESTMENT, AS CONTEMPLATED BY THE CONFIDENTIALITY AGREEMENTS BETWEEN THE INVESTORS AND KUE, THIS MEMORANDUM AND ANY INFORMATION FURNISHED IN CONNECTION HEREWIT...

investment. A policy to increase investment would thus lead not only to higher
document IMAGES-001-HOUSE_OVERSIGHT_011015.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

investment. A policy to increase investment would thus lead not only to higher capital intensity, which might not matter much, but also a faster transfer of new technology into actual production, which would. Steady-state growth would not be affected, but intermediate-run transi...

[a] I like the idea of extending the holding period for short term capital gains to 3-5 years, and c
document IMAGES-010-HOUSE_OVERSIGHT_030008.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ortfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The model portfolio can be implemented across brokerage or managed accounts depending on the unique objectives of each client an...

country and period tested. I call it free growth. My own free growth theory
document IMAGES-001-HOUSE_OVERSIGHT_010946.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… book or depreciation accounting. They now report market-valued capital too, but still prefer book methods to calculate investment I and output Y in the Y = C + I equation. That doesn’t work well. Did you know that national accounts in France, Germany, U.K. and the United States...

The outlook for macro policy and for the geopolitical
document IMAGES-009-HOUSE_OVERSIGHT_026686.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…splayed a return gap (figure 3), driven by the low interest rate environment, however this shortfall was greatest among investment sovereigns. Traditionally, liability sovereigns have hedged fixed income against inflation (due to the focus on matching outflows to beneficiaries),...

certain factors beyond the control of the portfolio company and the General Partner. The
document IMAGES-007-HOUSE_OVERSIGHT_024073.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…cceptance and obsolescence or other developments that may adversely affect their performance. Illiquidity of Portfolio Investments Investments by the Fund generally will be illiquid securities acquired through privately negotiated transactions. The Fund may be unable to realize...

outside the Fund, by requiring some or all of the Limited
document IMAGES-007-HOUSE_OVERSIGHT_024065.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

outside the Fund, by requiring some or all of the Limited Partners to make such investment through a limited liability entity that will invest on a parallel basis with, or in lieu of, the Fund, as the case may be. Successor Fund: Without the prior written consent of the Advisory...

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...

UBS WM Global Chief Investment Officer
document IMAGES-008-HOUSE_OVERSIGHT_025289.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Contact list UBS WM Global Chief Investment Officer Alexander Friedman [email protected] UBS WM Head of Investment Mark Haefele [email protected] UBS WM Global Investment Office Themes / UHNW Asset Allocation Advisory Asset Allocation Discretionary Alternative Inv...