EFTA02705747.pdf

From: Laurie Cameron Sent: Wednesday, October 9, 2013 2:49 AM To: Jeffrey Epstein Subject: update Attachments: Oct 8.xls Hi Jeffrey, It has already been a long week i= a long month and I wanted to communicate about the position. It is down a=ound $600k right now. About $173k is realized, the rest is unrealized.=A0 The bulk of the unrealized losses are in and AUD option, a NZD option a=d a GBP option, each approx $5-8 m notional. I don't want to do anything without your agreement, sin=e we are living in an unprecedented insanity which could have dire consequ=nces for U.S. credibility and creditworthiness, but even if there is no de=t default now, eight days of a partial govt shutdown will have consequence= on the economy in months to come. I think that commercial real estate =nd the bond market will be especially hard hit. Originally I had two major premises supporting my higher USD/lower A=D, NZD, CAD and JPY positions: 1) major commodity prices would fall =n reaction to slowing global growth and oil importers would no longer need=a strong currency to keep imported USD denominated oil prices down. 2) the US treasury dept would work to keep the USD strong in order to at=ract capital a market with falling bond prices. =t is possible that new economic stagnation could push oil prices down and =he USD up. It is possible that the US Treasury might try to attract cap=tal by trying to prop up the USD. I don't want to keep these pos=tions at a time like this without your approval, however. I was plannin= to reduce positions further tomorrow, but this will inevitably lock in mo=e losses. I was planning on still keeping some small AUD and NZD positi=ns, but only if you feel comfortable keeping them at this time. I am so grateful for the opportunity you ve given me. I =ave been pricing the portfolio many times each day in hopes of finding a m=ans of locking in more profit. I realize that I am opening and closing =elta hedges just to try to make money because I hate being down as I am.=A0 I now think that this is too dangerous a strategy and I want to take do=n alot of the risk, which will involve locking in losses. No one hates =o do it more than l do, but I don't want to put you at more risk in ca=e the US does default. All thought appreciated. Thank you again. EFTA_R1_02096815 EFTA02705747