<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Wednesday, July 12, 2017 1:19 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Euro</td></tr></table>

Our 2019 divi forecast is at 127 which=is about 7 points of upside for 2 years. Prefer European Banks given the ra=e outlook.

I also like Japan. WU is the hedged ETF. That's my prefe=red etf to use. Technically looks very good.

Lastly I want to own ne= China for 1-2 years:
BABA
TENCENT
JO
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Would like to build a $5mm position in t=tal. I think the trends are so powerful and so secular with these 4 compani=s dominating their respective space.

Let me know and I can implement=with Rich.

Paul

## Paul Barrett

<=r>On Jul 12, 2017, at 5:13 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation=gmail.com> > wrote:

lets think about getting long europe. .&nb=p; divd xx. maybe japan. , how wo=dl you play a short s and p for a week. ? TODAY

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On Tue, Jul 11, 20=7 at 9:16 PM, Paul Barrett la > wrote: Jeffrey

As we discussed a few months ago I think the euro could trade up to 1.2000 i= the coming 3-4 months. The ECB will move towards tightening mode (slowly b=t enough to trigger flows out of the US into Europe) by Q4. I think we shou=d get outright long or buy some 1.1750 calls.

Rich - can we buy euro calls with anyone?

Paul Barrett
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## Paul Barrett (cont.)

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