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Cannabis Investment Report | December 28, 2017
document IMAGES-008-HOUSE_OVERSIGHT_024635.txt Dec 28, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

Cannabis Investment Report | December 28, 2017 Foreword Ackrell Capital is pleased to present our 2018 Cannabis Investment Report. Much has happened in the nearly two years since we published our inaugural report: the cannabis industry grew significantly, com- panies in the ind...

We use an equal weighted, three-factor valuation framework (P/E, P/TBV, DCF) to arrive
document IMAGES-002-HOUSE_OVERSIGHT_014387.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

We use an equal weighted, three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our PO of $14. We assigned a 1.2x multiple to 2Q17E TBV and a 12x multiple on 2017E EPS, with lower PTBV/PE multiple than peers assigned due to the higher perceived risk of their lending mod...

input of nurture and schooling, and then depreciates gradually to zero just as
document IMAGES-001-HOUSE_OVERSIGHT_010952.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

input of nurture and schooling, and then depreciates gradually to zero just as buildings do. Yoram Ben-Porath combined these ideas and more in a masterly life- cycle model published in 1967. We'll get to it soon. Schultz called the part of consumption exhausted in taste satisfa...

prescription drug costs during the temporary “gap” from Medicare coverage until their
document IMAGES-007-HOUSE_OVERSIGHT_024072.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

prescription drug costs during the temporary “gap” from Medicare coverage until their prescription drug costs reach the threshold for catastrophic coverage by Medicare), (iii) an approval process for generic biologics and granting exclusive marketing rights to original manufactur...

downturn in the local real estate markets affecting Franklin's construction loans and
document IMAGES-002-HOUSE_OVERSIGHT_014383.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

downturn in the local real estate markets affecting Franklin's construction loans and increasing credit costs via higher charge-offs and provisions, and 3) inability to effectively fund asset growth driving greater than expected compression in the net interest margin. Goldman Sa...

Where Keynes and Kuznets and macroeconomic tradition have been right is in
document IMAGES-001-HOUSE_OVERSIGHT_011057.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Where Keynes and Kuznets and macroeconomic tradition have been right is in reasoning that pay and gross profit, meaning gross of depreciation, sum to the “expenditure” spent on consumption and gross investment. This fact of arithmetic is the logic behind Say’s law: pay plus profi...

Article 1. Wall Street Journal
document TEXT-001-HOUSE_OVERSIGHT_023458.txt Apr 16, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

 17 April, 2011 Article 1. Wall Street Journal The New Cold War Bill Spindle and Margaret Coker Article 2. The New York Post The storm in Syria Amir Taheri Article 3. The American Interest Political Order in Egypt Francis Fukuyama Article 4. NYT The Budget Debate, Revealed Rich...

The expected future flow we discount to present value, allowing for transfers too, is
document IMAGES-001-HOUSE_OVERSIGHT_010982.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

The expected future flow we discount to present value, allowing for transfers too, is exhaust plus transfer out less transfer in. This net difference is called cash flow. That is, cash flow = exhaust + transfer out - transfer in. (3.2) That’s the logic behind the present value...

Citigroup Inc. (C)
document IMAGES-002-HOUSE_OVERSIGHT_014380.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Citigroup Inc. (C) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $60 PO, assigning a 0.9x multiple to 2017E TBV and 11x multiple on '17E blended NA and EM earnings. We have weighted the P/E and P/TBV factors equally at 40%, and our DCF analysis by...

dependent on what happens with deposit costs. SNV’s current sensitivity analysis
document IMAGES-002-HOUSE_OVERSIGHT_014342.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

dependent on what happens with deposit costs. SNV’s current sensitivity analysis assumes a 50-60% deposit beta. = SNV keenly focused on credit. Chief Credit Officer Kevin Howard noted expectations for net charge-offs to naturally tick up as recoveries become less of a benefit an...

Consider also the history of corporate leverage. Equities are riskier because bond
document IMAGES-001-HOUSE_OVERSIGHT_011082.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Consider also the history of corporate leverage. Equities are riskier because bond interest is paid first. If equities grew faster, however, leverage would constantly decline. That is not what we see. This inferred concentration of risk premium in cash flow rate is convenient f...

corporation, owns more than 10% of their stock
document IMAGES-007-HOUSE_OVERSIGHT_023363.txt Sep 11, 2001 House Oversight Committee — Epstein Estate Records (Nov 2025)

…te Insurance Company is wholly owned by The Allstate Corporation, a publicly traded corporation. Appellants Boston Old Colony Insurance Company, The Continental Insurance Company, Commercial Insurance Company of Newark, NJ, CNA Casualty of California, Continental Insurance Compa...

Explaining our taste for excessive harm
document TEXT-001-HOUSE_OVERSIGHT_012747.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…asure. No other animal buries its dead, no less memorializes them with decorations; ants drag dead members out of their colony area and deposit them in a heap, though this is driven by hygiene as opposed to ceremonial remembrance and respect. Only a species with the capacity to c...

From: jeffrey E. [[email protected]]
email TEXT-002-HOUSE_OVERSIGHT_032878.txt Jul 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…12:01:26 PM To: Peter Thiel_______________________________ Subject: Re: He will be a speaker at the convention, he runs colony capital. solid, great real estate judgement. . donalds fund raiser. http ://www.b lo omb erg. com/news/video s/2016 -05 -31/tom-b arrack-the- donald-trum...

America’s nation-building exercise of the past twenty years was
document IMAGES-011-HOUSE_OVERSIGHT_031723.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…r decades. Thomas J. Barrack Jr. is an international private equity investor and the founder and executive chairman of Colony Capital. He is also foreign policy and economic advisor to GOP U.S. Presidential candidate Donald Trump. The views expressed in this article are his own...