EFTA02550442.pdf

From: Barrett, Paul S < Sent: Wednesday, February 8, 2012 11:30 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: FW: TO Do and Iran Jeffrey 1.&n=sp; We should buy another $2MM of the Ally Pfds. We =ought some last week (up 2% since then) but it sounds like they could rid =hemselves of the Rescap liabilities which could be good for the pfds=2E 2. = We=should also take profits on the remaining 2.5MM SGD forward. It has ha= a nice run and it seems to be losing some steam. =OD 3. Out CIT bonds in Haze=trust will be called at par in a few weeks. Will need to find a replacem=nt when it happens. 4.&nbs=; Portfolio is up 4.75% YTD. I feel like we are un=erweight equity risk. I would like to add $SMM of single name equities a=d simultaneously buy a) $SMM of a 6 month 95% SP500 put with a 1020 =nock out. The vol skew is making this very attractive right now. Cost =s 1.65% and b) Buy 5MM of a 1350/1250 Put spread and sell a 1425 call.=nbsp; =span style="font-size:11.0pt;font-family:"Calibri","san=-serir;color:#1F497D">Paul Paul Barrett, CFA Managing Director Global Inv=stment Opportunities Group JP=organ Private Bank EFTA_R1_01706074 EFTA02550442 320 Park A=enue, 14th Floor, New York, NY 10022 (F)</=> (W) NMLS ID1M <mailto: =OD From: Barrett, Paul S Sent:</=> Thursday, February 02, 2012 5:51 PM To: 'Jeffrey Epstein= Cc: Giuffrida, David J; Ens, Amanda Subject:<=b> TO Do and Iran Jeffrey I think we should buy $1MM of the Ally Preferreds. This is the former=GMAC. ABS continues to tighten which should help their business. Right=now the Allys yield 11% ytw On IRAN: =span style="font-size:11.0pt;font-family:"Calibri","san=-serir> =nbsp; You could buy a $115 WTI call option that is contingent =n the SP500 being below 1260 at maturity. Cost is 1.350% for 6 months =R = Buy credit default protection on Saudi Arabia for 145bps =/P> Will call to discuss</=:p> Paul =OA Paul Barrett, CFA 2 EFTA_R1_01706075 EFTA02550443 Managing Director Gl=bal Investment Opportunities Group JPMorgan Private Bank 32= Park Avenue, 14th Floor, New York, NY 10022 (W) (F) NMLS ID# =p class="MsoNormar <mailto </=tml> This email is confidential and subject to important disclaimers and=conditions including on offers for the purchase or sale of securities, acc=racy and completeness of information, viruses, confidentiality, legal priv=lege, and legal entity disclaimers, available at http://www.jpmorgan.c=m/pages/disclosures/email. 3 EFTA_R1_01706076 EFTA02550444