EFTA02710920.pdf

From: Lesley Groff Sent: Thursday, Marc , : To: Jeffrey Epstein Subject: Fwd: ATorus Daily Portfolio Report 3/17 & 3/18 Attachments: Atorus_BacktestNAV_031714.pdf; Untitled attachment 00143.htm; Atorus_BacktestNAV_031814.pdf; Untitled attachment 00146.htm With these (as with all securities) we will never monetize =eak P&L. However, we will realize a significant portion of =t. 2) While this increase in realized volatility does not cause =4 immediate change in our directional bias, our system does in fact =ecome 'more sensitive' and eventually causes us to change and realize P&L and eventually to take the other side of the =rade. 3) An increase in volatility in a security but particularly =cross a sector can be a signal for a change in overall sector market =eadership. One of the reasons we trade such a large opportunity =et is so that we are positioned to monetize strong moves in other =ectors without having to arbitrarily and in the case of many asset =anagers 'randomly' pick them. Our methodology's strong win =atio and profit factor allows us to stay in a wide variety of sectors =ithout experiencing significant drawdowns and monetizing winners big =nd small. In summary, we keep losers small, monetize P&L in =inners and three, six or twelve months from now we will likely be =aving the same conversation albeit about a different sector, for =xample, 'materials.' Best Regards, Michael J. Fowler The information =ontained in this electronic mail message is confidential information =ntended only for the use of the individual entity named above, and may =e privileged. If the reader of this message is not the intended =ecipient, you are hereby notified that any dissemination, distribution, =r copying of this message is strictly prohibited. If you have received =his communication in error, please immediately notify us by telephone, =nd delete the original message. EFTA_R1_02123853 EFTA02710920