From: "jeffrey E." <jeevacation®gmail.com> To: Paul Barrett < >, Richard Kahn Subject: Re: Date: Thu, 14 Jun 2018 23:21:06 +0000 Inline-Images: image002.jpg you wil have to walk before you run. I have to see results . that are professional . balanced. well thought through . I am more gun shy then you, you will need to start with a small allocation , as a test bed. . in dec we will revisit . . . I am cold about investing as you know. see yo monday. On Thu, Jun 14, 2018 at 5:51 PM, Paul Barrett < Jeffrey Thank you for your commitment to finding a solution. wrote: I will come prepared with a new focused strategy with clear size/limits/concentrations. As this strategy needs to fit into your risk tolerance can you give me some initial guidance with respect to drawdown limits or a VaR number. With Fixed Income currently representing 44% of the portfolio, this would change dramatically based on your response. As of right now I get institutional research/ideas from ML, DB and MS. I also see all the JPM ideas coming out of the GIO team. Their ideas have been 40/60 at best. For example JPM's top ideas were European Banks, Japanese Banks and Argentina. DB was pushing ARS, TRY and BRL — all down between 13%-27% since the recommendation. I have started using buy side research more extensively and will continue to do so. See you on Monday. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 646-876-5277 (o) c) EFTA01036169