Morgan Stanley | RESEARCH NORTH AMERICA INSIGHT ~~ Deconstructing Our Implied Carry Valuation: What Is the Market Paying? We deconstruct the various pieces of a SOTP for the alts in order to determine our best guess on how much the market is valuing future performance fees. We...
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Asian equities (ex-Japan) MSCI Asia ex-Japan (27 June): 469 (last month: 466) UBS View MSCI Asia ex-Japan (6-month target): 515 ¢ The region continued to show high volatility last month, with its P/BV temporarily close to 2008 lows. ¢ Hong Kong and Singapore markets’ domestic fu...
more similar to each other than any one is to a human brain. What changed since we split off from our ape cousins is both the overall geometry of the brain in terms of the relative size of different components, as well as the connections both within and between these components....
The charges included “IV therapy,” billed at $787 for the adult and $393 for the child, which suggests that the difference in the amount of saline infused, typically less than a liter, could alone account for several hundred dollars. Tricia O’Malley, a spokeswoman for the hospit...
EMEA - Integrated & Refiners Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Eni E EUS Hamish Clegg Eni EIPAF ENI IM Hamish Clegg Galp Energia GLPEF GALP PL Hamish Clegg Royal Dutch Shell B RDSB RDS/B US Christopher Kuplent Royal...
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...
Date: Tuesday, March 8 2011 08:48 PM Subject: Re: From: Lesley Groff <1___________________________ To: Jeffrey Epstein <[email protected]>; thank you Vicky! On Tue, Mar 8, 2011 at 3:31 PM, Jeffrey Epstein <jeeyacationAgmail.com> wrote: Jeffrey and Ghislaine: Notes on New Yor...
Global Asset Allocation 09 November 2012 The J.P. Morgan View Do US elections change anything? � Asset allocation –– The equity market has priced out the Romney win scenario, but from these levels, our economic and market outlook and risks are unchanged. These keep us medium-ter...
sanctions was passed by Congress and signed into law by President Obama. The complex set of new measures targets key industrial sectors, including shipping and imports of products such as aluminum, steel and coal, and seeks to block Iran from using barter commodities such as oil...
Characterizing carry Efficient carry strategies involve buying and selling dynamic portfolios of currencies with certain risk characteristics. Carry strategies are supposed to work better over long investment horizons, so that the cushion provided by the carry compensates for th...
The combination of these factors suggest Japanese equities have further to run. We also see the position as being complementary to our EM position since whereas a stronger USD is a drag on EM performance, it is beneficial for the NKY position. Chart 31: Japan equities have outpe...
Morgan Stanley | RESEARCH Executive Summary Will the Alts simplify their structure and convert to C-corporations from partnerships? What would this mean for valuations? We think the Tax Cuts and Jobs Act could accelerate cost-benefit analyses and decision- making by management...
OUP CORRECTED PROOE - FINAL, 10/9/2014, SPi The Crooked Course: Step by Step on the Path to Peace INTRODUCTION As Immanuel Kant observed, “out of the crooked timber of humanity no straight thing was ever made.” And the Middle East peace process is no exception. It runs a crook...
Date: Friday, December 16 2011 06:41 PM Subject: Approach Summary From: Christina Galbraith -_ I ZZ 77 7 ___- To: Jeffrey Epstein <[email protected]>; Avackrren te: Picasso Overview_pdf.html; Untitled attachment 63876.htm; RepDef-Process-Deck_pdf.html; Untitled attachmen...
Morgan Stanley | RESEARCH Upside Scenario Starting with the framework laid out above, we make several key adjustments in our upside scenario to illustrate where we think mul- tiples go and where the stocks can trade over the near term if the alts convert. Our upside scenario im...