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* Equities Are Up Again This Week
document * Equities are up again this week House Oversight Committee — Epstein Estate Records (Nov 2025)

helped by rapidly improving equity ETF inflows. Strong buying by retail investors is adding fuel to equity markets against a backdrop of rather subdued macro drivers

* The Strength Of Equity Flows Has Caught Our Attention This Week
document * The strength of equity flows has caught our attention this week House Oversight Committee — Epstein Estate Records (Nov 2025)

but there is little evidence of a wider rotation out of bonds. There has indeed been some evidence of bond into equity fund flows in ETFs (best seen through our flow radars in Flows & Liquidity)

Even Adjusting For Cyclical Impact of Recessions, USA Inc.’s 2010
document IMAGES-006-HOUSE_OVERSIGHT_020859.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Even Adjusting For Cyclical Impact of Recessions, USA Inc.’s 2010 Structural Operating Loss = -$817 Billion vs. -$78 Billion 15 Years Ago USA Inc. Annual Operating Surplus / Deficit, Structural vs. Cyclical’, F1996 — F2010 GAGE) a eee en es ns cn a a a nn mT aT A EC aT 2 al |...