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First Bancorp Puerto Rico (FBP)
document IMAGES-002-HOUSE_OVERSIGHT_014382.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

First Bancorp Puerto Rico (FBP) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $6.50 price objective. We assign a 1.0x multiple to our 2Q17E TBV, below the 1.6X for peers, due to the overhang of PR fiscal issues that may reduce TBV. Our revised impl...

Important Disclosures
document IMAGES-003-HOUSE_OVERSIGHT_014496.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Disclosures Important Disclosures FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS r...

Department of Economics, Harvard University, v. November 9,2009
document TEXT-001-HOUSE_OVERSIGHT_019396.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Obstfeld and Rogoff: pp. 558-567, 635-638, 648-653. IV. BANK RUNS AND THE PERSISTENCE OF THE GREAT DEPRESSION *Diamond, Douglas and Philip H. Dybvig, "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy 91(3): 401-19, June 1983. *Bernanke, Ben, "Nonmonetary...

Article 1. The Washington Post
document TEXT-001-HOUSE_OVERSIGHT_030156.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Evolving Foreign Policy Richard Javad Heydarian Article 6. Foreign Affairs How Fatah-Hamas Unity Threatens U.S. Funding Douglas N. Greenburg and Derek D. Smith Article 7. TIME Why the Muslim Brotherhood Are Egypt's Best Democrats Bobby Ghosh Article 1. The Washington Post Av...

Re: My Wall Street 2 Story
email TEXT-001-HOUSE_OVERSIGHT_021241.txt Jan 12, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

…inancial mentor who teaches him corruption. Oliver needed an old-fashioned villain to create drama, and he cast Michael Douglas as Gekko against type. Michael was not known as a heavy at the time, but as a charming, handsome, sensitive leading man. Oliver also saw the anger, conf...

Re: My Wall Street 2 Story
email TEXT-001-HOUSE_OVERSIGHT_021235.txt Jan 11, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

…inancial mentor who teaches him corruption. Oliver needed an old-fashioned villain to create drama, and he cast Michael Douglas as Gekko against type. Michael was not known as a heavy at the time, but as a charming, handsome, sensitive leading man. Oliver also saw the anger, conf...

Text 001 House Oversight 028406
document TEXT-001-HOUSE_OVERSIGHT_028406.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…"scalable_image"},{"identifier":"_anf-author-1","layout":"authorLayout","role":"author","text":"By John D. McKinnon and Douglas MacMillan","textStyle":"authorStyle","type":"text"},{"identifier":"_anf-byline-1","layout":"bodyLayout","role":"byline","text":"September 24, 2018, 6:58...

Winner Woody Allen may have missed Hollywood’s
document TEXT-001-HOUSE_OVERSIGHT_013450.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…er Terry Richardson Rooney Mara Graydon Carter and Anna Scott APRIL 2012 • AVENUE MAGAZINE | 61 Fran Leibowitz Michael Douglas and Kirk Douglas Wendi Deng Murdoch Abbie Cornish Bar Refaeli Woody is not a member of the Academy because he doesn’t feel that films should be in compe...

Re: My Wall Street 2 Story
email TEXT-002-HOUSE_OVERSIGHT_032005.txt Jan 11, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

…inancial mentor who teaches him corruption. Oliver needed an old-fashioned villain to create drama, and he cast Michael Douglas as Gekko against type. Michael was not known as a heavy at the time, but as a charming, handsome, sensitive leading man. Oliver also saw the anger, conf...

Re: My Wall Street 2 Story
email TEXT-002-HOUSE_OVERSIGHT_031999.txt Jan 12, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

…inancial mentor who teaches him corruption. Oliver needed an old-fashioned villain to create drama, and he cast Michael Douglas as Gekko against type. Michael was not known as a heavy at the time, but as a charming, handsome, sensitive leading man. Oliver also saw the anger, conf...

iQmethod™ Measures Definitions
document IMAGES-003-HOUSE_OVERSIGHT_014883.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

iQmethod™ Measures Definitions Business Performance Numerator Denominator Return On Capital Employed NOPAT = (EBIT + Interest Income) * (1 - Tax Rate) + Goodwill Amortization Total Assets — Current Liabilities + ST Debt + Accumulated Goodwill Amortization Return On Equity Net...

higher-than-expected International investments. The biggest downside risk is lower
document IMAGES-003-HOUSE_OVERSIGHT_014942.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

higher-than-expected International investments. The biggest downside risk is lower revenue if Tinder experiences a decline in popularity or public perception. Netflix, Inc. (NFLX) Our $154 price objective is based on a peak penetration sum-of-the-parts analysis which discounts...

Norfolk Southern (NSC)
document IMAGES-003-HOUSE_OVERSIGHT_014638.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Norfolk Southern (NSC) Our $122 price objective is based on a 19.5x multiple on our 2017 EPS estimate of $6.25. We move above the top of its one-standard deviation historical trading range of 12x-16x given the new management team's move to improve margins, cut costs, and raise i...

Commodities overview
document IMAGES-007-HOUSE_OVERSIGHT_024169.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Commodities overview Commodities -— Key points 36 UBS Broadly diversified commodity indices, which declined by about 10% in May, found some support in June. The sideways move was visible across all commodity sectors, with gold (precious metals) delivering a temporary price upt...

Rationalization of subsidies for water and electricity
document IMAGES-003-HOUSE_OVERSIGHT_016170.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Rationalization of subsidies for water and electricity The sweeping energy, water and electricity administered price changes introduced in December 2015 are a first step in the five-year fiscal consolidation and economic transformation strategy. We expect further reviews of ener...