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Appendix 2: Global Utility Sector Background
document IMAGES-007-HOUSE_OVERSIGHT_024226.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Utility Sector Background e =History To gain a deeper appreciation of why the global utility sector is attractive for long/short investing, it is helpful to briefly survey the history of the sector and describe the utility value chain’s components. The utility industry as we k...

enforceability of existing corporate governance rules and a lack
document IMAGES-001-HOUSE_OVERSIGHT_012093.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rean equities, and especially in chaebols, will use their voice more actively to promote positive governance change and long-term shareholder value creation.” committee members, 2) allowing shareholders of parent companies to sue directors of subsidiary firms, 3) lowering eligib...

to the credibility of online reviews, 4) Instant Book transition puts pressure on revenue
document IMAGES-003-HOUSE_OVERSIGHT_014944.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…some offsetting downside support. Downside risks to our PO are: 1) decelerating user growth that may raise concerns on long-term revenue opportunity, 2) pressure on usage due to emergence of competing services, 3) new ad initiatives may not perform well, resulting in lower adver...

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

…neficiaries of increased private sector funding, although increased investment would be needed to meet growth in demand longer-term. Improve public facilities, work towards privatisation The government wants to step back from financing and providing healthcare and adopt an over...

November 2013 – January 2014
document TEXT-001-HOUSE_OVERSIGHT_013268.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ft to be modern and up-to-date, while maintaining an understated, luxurious aesthetic In a 50,000-square-foot hangar at Long Island’s MacArthur Airport, an aircraft interiors project has its designer “fired on all cylinders”. Tasked to modify and refurbish a Global 5000 for the s...

Supply-Side Investment Research
document TEXT-001-HOUSE_OVERSIGHT_025296.txt May 19, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…y no support from the Republican Party or the Party’s elders. It wasn’t until Reagan had finally defeated George Bush, along with John Connally, Howard Baker, Phil Crane, Bob Dole and John Anderson in the primary race, that there was any attempt to be conciliatory to Ronald Reaga...

Re: Mechanisms for learning
email IMAGES-008-HOUSE_OVERSIGHT_025949.txt Jul 23, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

[email protected]] Subject: Re: Mechanisms for learning Importance: — High Some thoughts I meant to send back for a long time: no worry, ifiunderstand correctly you are suggsting there are layers 1 through N . lets cal them L 1 - Ln. there aretimesT 1-Tn/ and then conjectu...

decisions on all the underlying structural policy matters damaging America’s long-term prospects
document IMAGES-008-HOUSE_OVERSIGHT_026307.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

decisions on all the underlying structural policy matters damaging America’s long-term prospects and distorting our democracy. No more kicking the can down the road. e This candidate should also pledge to push for laws passed that reflect the will of simple majorities in Congre...

Improving operating efficiency
document IMAGES-006-HOUSE_OVERSIGHT_020839.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…on local private company outsourcing, where state and local governments are finding real productivity gains. Improving long-term GDP growth — productivity and employment. Fundamentally, federal revenues depend on GDP growth and related tax levies on consumers and businesses. Hi...

President Obama and Self-deception
document TEXT-001-HOUSE_OVERSIGHT_029448.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…k when needed most and chants of “Yes we can” turned, in effect, to chants of “Yes we can but it sure is gong to take a long time” and the Tea Party swept aside many of his powers in 2010. Barack was known as “Barry” growing up because his Kenyan father Barack was a “rolling sto...

Banks and insurance companies
document IMAGES-001-HOUSE_OVERSIGHT_012076.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Bank managements should be motivated to pursue best practic- es, having experienced the con- sequences of bad behavior long after the Global Financial Crisis. Tighter regulations, enacted in the aftermath of the Global Fi- nancial Crisis, including Basel III and the Dodd-Frank W...

Notable trends and dislocations (US)
document IMAGES-007-HOUSE_OVERSIGHT_023583.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…-time highs. Chart 19: In the trading sessions following the political turmoil and ensuing volatility spike on 17-May, long-term vols (ly and above) reset lower for SPX but remained bid for RTY 20% 18% 20% 16% 15% 14% 12% ies 0 10% 5% 8% 6% us 0 4% -5% 1m 3m 6m ly 1.5y 2y RTY...

unit, say dollar, is worth exactly the same as another. Most essential of all, money
document IMAGES-001-HOUSE_OVERSIGHT_010935.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…uries, and bought nothing but inflation for their trouble. Gold is good for filling teeth, and for displaying status so long as it is rare. Then what is better? Two brilliant and dangerous adventurers, the Scotsman John Law and the Irishman Richard Cantillon, proposed land. Fra...

Global Sector Positioning
document IMAGES-007-HOUSE_OVERSIGHT_024207.txt Feb 12, 2013 House Oversight Committee — Epstein Estate Records (Nov 2025)

…rce: Bank of America Merrill Lynch Global Fund Manager Survey, Feb 12, 2013 The sector has been not only a substantial long-only underweight, but also a wholesale short for many macro/generalist hedge funds. However, it is very interesting to note that an inflection point appear...