EFTA01171348.pdf

From: US GIG <MMIII~> To: Undisclosed recipients:; Subject: JPM View 11.04.2011 Date: Fri, 04 Nov 2011 21:23:25 +0000 Attachments: JPM_View_11.04.2011-pdf.rip brine -Images: imagc003.png Global Asset Allocation J Crs.ris Biwa NA. J Wigan Had 2011 The J.P. Morgan View Everyone is short risk don a" • Enamels-. — H1dim Jarrell»? us less weak mesa exiwied • Perin& senility — cannot becalled bank bat ora puma.> and • llyalX1e, ratle m Ilen kel$. not John Normand • Eked Imam We hold 'Nexus) sham and aid a 'Zion se 251 Getman • Equities —Ferns ink on coamlni~ ion: EM ei DM. Ø Mrs. , tilsoseos havtiotrizoolott EM kite Evian DM kngMs(lF]Nvs.ShPØadlaigDA.\vs EsuosicousSO • Credit — tk tinve lo IJW US HG audphefa EM Sa.elclpn noomerates Seamus Mae Gorski • anima eattaage — shillala*. ('SUITV andEUMPY coallASO psis. Cie tutor tsars QE lathe IS. • CaalØtW —TheTba flood:urn leduce tlobal net expons comiderahl. Matthaei ehmann Indio. m å poanina/ nie m EM foodmini inflation • Risk miakei, lesrised et then post Ell Suumat shcsi-convin rally eh:, 'seek as the lack of Malt in dr arrienient versled is ,end Greek rolitct • inner arrem Bur enroll repines remain upon me Leek, aro aid air roll abia• the 10 i.e.'', taus's- tow hal IVIAMatwu b. cash nit. Aurae VW rider Map Oct 3 rudde midair of Cktobei when ne mined km? its,. % we a liter Gat' • Oat long risk poJelen don ea manna.anbash en tbr *veld.II m=en et utull ut aw eons stun tv tuk prae ace al) bath jul Icahn even InNM Cab Csni eat' Ors vers aud that ests)nue sse sau tesal) and dude:vial/3a nut EaASG cotobtanl with a »timing Mat ~remain ~a the wiittd teems tel en US fad bun mar down fram peals eleneed levels Risk oesei ,tees awe'. bat •••• het uS ~rm mat a molest ISIXOWIWIg a'a9011at armar dal] åndaa nsinttotlie- duargee b. pubs"' asken are sin to reduce ~aide ink peneptims 0~ Go, Sara.. Ea nu Nis" • The nsibi rkkehrsireaires awirkets ~ins the two sosereign debt nisi, Fat Coo *booth. The nos' wadnl rye swiss >it afiel rbe einNik deCt>061% Vd1.11Ib SW= DP, ut:OuLtIl? FOWalgiall alaaal•Iy (fatal Oil The defied • Italia' flail 6'4 tame how Ni' allat a now brain luve ken 15 7% bi Ille ma 'en% 111Ce.IlK nisi, his inkly es<alieed and Moak-lied ad polry maker, have not yei tined +111.12pi: NM!, ha slop d htct istses the Isait at whether ibe, can. wbetber COW eht, nag 'amid +briber dry ciin~de. SD( urcimcwoar • We isould ant Mai Me FL> Adea tbe veWattau suit OW IGOIWY102 ennine' *0 It the cuids bul is leis den Øra m "sending dus la as d n NY sel operarmf it a mehe decision niiinn? Tina Tbe FA /at dr rosemas as It has *SOW ramp,' domsry sasinrs le hand> a maka rossimmein deficit of mike '‘cii Mpa• ot GDP kill dun ot the VA UK sett ism The FA tas eoan?li ~ninon', co ha Bis fria. as act clomp soonukada EMU disaitteinaboo ani lake3y vEU ai ems tires saws= Vo ølhiet own time, Metier rout ar it needed re fix eneemir The main ea, ~Wipe le to> la la vases am asoi Emblem she the trauma ashy die resit Ømllst le linro. i, Whit the EA it nal am a a laa aa a. a Paws Iv a 'Alba% ape. mina as a Laft <Oalgta tots ceomaLxd de<taion saaluna Tie xi:swans Tbe sinidiria? anal». tt induard by an " pale' for auSy« Celli:&CULP. Ø timiadailletal and oilutuon. duck:au/a Renee E. Weinend JR Morgan i Global 1m-cm:min Opporcunincs Group 41) West 57th Street, Floor 33 New York NY 10019 This email is confidential and subject to important disclaimers and conditions including on offers for thepurchase or sak of securities, accurac and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01171348