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Morgan Stanley | RESEARCH
document IMAGES-008-HOUSE_OVERSIGHT_025568.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rps. We simplify our the SOTP and standardize it across the group to look at &4 main components. 1) after-tax core fee-related earnings, 2) balance sheet value of investments plus net cash/debt, 3) net accrued carry balance, and &) future value of performance fees. The values of...

Morgan Stanley | RESEARCH
document IMAGES-008-HOUSE_OVERSIGHT_025554.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…first to convert, but this is largely priced in. These Brokers & Asset Managers firms have more sticky management fee-related earnings @ North america industry View vs. BX/CG/KKR that may see less benefit. We believe ARES could be the first Alt stock to convert; we would view...

Global Asset Allocation
document TEXT-001-HOUSE_OVERSIGHT_026572.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…es or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. Analysts' Compensation: The research analysts responsible...

Fwd: EUROPEAN MULTI ASSET COVERAGE MEETING IMPRESSIONS: Eyes on Real Money outflows; Christmas comes
email TEXT-001-HOUSE_OVERSIGHT_023635.txt Nov 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ner inconsistent with the views discussed herein. Deutsche Bank trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. Deutsche Bank may make a market in the in...

to speed up the process, consider the next question
document IMAGES-002-HOUSE_OVERSIGHT_013900.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…nough) and/or offer them a small up-front or ongoing royalty payment. Use Skype.com with HotRecorder (more on these and related tools in Tools and Tricks) to record these conversations directly to your PC and send the mp3 file to an online transcription service. 4. Do you have a...

o account the specific investment o
document IMAGES-002-HOUSE_OVERSIGHT_014458.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…sk and liquidity risk. No security, financi iable information about the value or e for all investors. In some c risks related to the security or financial instrument may be difficu price or value of such securities and instruments may rise or fal uture performance. Levels and b...

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document IMAGES-009-HOUSE_OVERSIGHT_028414.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…fontName Medium", "fontSize":13,"identifier":"kicker", "LineHeight":14,"textTransform": "uppercase" ,"tracking":0.02},"related-coverage": {"fontName": "NYTFranklin- Bold", "fontSize":14, "identifier": "r coverage", "textTransform link": {"fontName"™: "NYTCheltenham-Medium", "fo...

152 8 Cognitive Synergy
document IMAGES-002-HOUSE_OVERSIGHT_013068.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…imating the probability of the implication C A P > G, in cases where the probability of C A P, > G is known for some P, related to P. — Example: knowledge of the internal similarity between the procedure of asking for food and the procedure of asking for toys, allows the virtual...

Jan Loeys Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026578.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…es or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. Analysts' Compensation: The research analysts responsible...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024732.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ecreational use in con- travention of the UN Conventions. The following discussion summarizes recent legal developments related to cannabis across different regions. United States Despite marijuana and THC being Schedule I controlled substances under the CSA—which, practi- call...

CAPITAL CHAPTER IV U.S. Legal Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024719.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… discover- ies that are unlawful or designed to serve an unlawful purpose, and the USPTO has issued a range of cannabis-related patents. Cannabis-related inventions or discoveries for which the USPTO has issued a patent include a cannabis strain named “Ecuadorean Sativa” (U.S. Pl...

CAPITAL CHAPTERV_ Global Cannabis Regulation
document IMAGES-008-HOUSE_OVERSIGHT_024731.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Expert Committee on Drug Dependence (ECDD)—recognized an increase in medical cannabis use and the emergence of cannabis-related phar- maceuticals, and in November 2016 requested that the WHO prepare “pre-review” materials for can- nabis, for the specific cannabis derivatives sche...

Images 007 House Oversight 024007
document IMAGES-007-HOUSE_OVERSIGHT_024007.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…AN INVESTMENT IN THE FUND DOES NOT REPRESENT AN INTEREST IN ANY INDICATED INVESTMENT OR ANY INVESTMENT PORTFOLIO OF ANY RELATED OR OTHER INVESTMENT FUND, INCLUDING ANY INVESTMENT FUND MANAGED BY THE MANAGEMENT COMPANY OR ITS AFFILIATES. WHILE THIS MEMORANDUM INCLUDES REFERENCES T...