From: "Barrett, Paul S" ipmilmlionnijpome To: "'Jeffrey Epstein"' <[email protected]> Subject: FW: The J.P. Morgan View : What countries to buy or sell Date: Sat, 10 Aug 2013 11:37:02 +0000 Attachments: JPM_TheJ.P._Morgan_View_2013-08-09_1188076.pdf Inline-Images: imagel.gif Jeffrey I think we should add another 2mm to that European equity basket. We went further ovenveight Europe. Paul Barrett I Managing Director I Global Investment • • up I J.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F: (212) 310 01081 ns I NMLS ID# 853441 Original Message From: Perlman, Daniel A Sent: Friday, August 09, 2013 05:09 PM Eastern Standard Time To: Subject: The J.P. Morgan View : What countries to buy or sell J.P. Morgan Global Asset Allocation The J.P. Morgan View: What countries to buy or sell Click here for the full Note and disclaimers. • Asset allocation — An increasing part of our allocation exposure is now in country choices. We raise our European ovenveight, and are considering at what point we need to cut our EM undenveight vs. Japan. • Economics — Data are tracking the expected rebound in Global GDP growth, with balanced risk. But we are seeing increasing signs of a rebound in manufacturing. Europe Q2 is raised to 1%, but Russia and Mexican growth forecasts for 2013/14 are cut. • Fixed Income — Bond duration should be traded on local conditions: short in US, Euro area and EM; long in Japan and Australia, neutral in the UK. • Equities — Open a Cyclical vs. Defensive sector overweight globally. Cut by half the ovenveight in Japan vs. EM. EFTA00678712