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Exhibit 48: S&P 500 Price-to-Trend Earnings vs
document IMAGES-003-HOUSE_OVERSIGHT_014584.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 48: S&P 500 Price-to-Trend Earnings vs. Subsequent Calendar-Year Price Return Starting valuation multiples tell us little about equity returns over the following year. S&P 500 Returns 1 Year Forward (%) 50 - R?=5.2% 40 « ° oe 30 - ° ° % ¢ + 20 ¢ @,¢ o . * ° 10 wep see...

NewsdeskW | RT @nytimesworld: Brexit in 4 charts: a generational 23 Jun 2016, 2 | negative
document IMAGES-001-HOUSE_OVERSIGHT_011225.txt Jun 23, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

NewsdeskW | RT @nytimesworld: Brexit in 4 charts: a generational 23 Jun 2016, 2 | negative ORLD divide that's about more than age 11:48 - CEST https://t.co/YtDQcE895H Nigel450 RT @Independent: Leave supporters are very 23 Jun 2016, | Midland 74 | positive suspicious about the pen...

education was a $1.0 trillion market with for
document national income of $48 trillion.'’ In 2005 in the U.S. alone House Oversight Committee — Epstein Estate Records (Nov 2025)

education was a $1.0 trillion market with for-

doubling the size of the overall market in
document size of the legalized cannabis market expanded significantly House Oversight Committee — Epstein Estate Records (Nov 2025)

doubling the size of the overall market in