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EUR is underpricing Brexit and that shorting Euro was a cheaper way to express such a
document IMAGES-001-HOUSE_OVERSIGHT_010613.txt Aug 28, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

* EUR is underpricing Brexit and that shorting Euro was a cheaper way to express such a view via options. CHF tends to perform strongly when risks become more localized. Closed on 28 Aug 2016: Buy EUR/USD 6m 1.00/1.20 strangle for 155 usd pips (off 1.1020 spot, DF two-way vols...

Rotation trade — valuations have moved a long way
document IMAGES-003-HOUSE_OVERSIGHT_014482.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Rotation trade — valuations have moved a long way While technical metrics suggest a pause is due in the reflation rotation, we have also seen a significant amount of ground covered from a valuation perspective in the market moves to date. The scatter chart below compares the PE...

Repatriation impact
document IMAGES-007-HOUSE_OVERSIGHT_023092.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ding Financials and Real Estate via three sources: 1) Bloomberg data on cash held overseas (if disclosed/available}, 2) BofAML analyst estimates on cumulative overseas profits or cash, and 3) our own estimate if neither (1) or (2) are available, based on (Total cash x [% of forei...