<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, June 25, 2018 6:55 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: New Idea for your approval</td></tr></table>

ok

On Mon, Jun 25, 2018 at 8:52 PM, Richard Kahn wrote:

<mailto:

only stock with real gain is BAC which you =ought 2+ years ago..

Richard Kahn
HBRK Associates Inc.
575 Lexington
<https://maps.google.com/?q=575+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gma=I&source=g>
Avenue 4th Floor
<https://maps.google.co=/?q=575+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gmail&=mp;source=g>
New York, NY
<https://maps.google.com/=q=575+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gmail&am=;source=g>
10022
<https://maps.google.com/?q=3D575+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gmail&=ource=g>

On Jun 25, 2018, at 2:44 PM, jeffre= E. <jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com> >
wrote:

wait two days and sell all

On Monday, June 25, 2018, at 8:38 PM, Paul Barrett wrote an email.

I think most of the regional banks represented in the ETF=have faced similar headwinds with respect to increased compliance costs an= caps on divididend distributions. This is expected to ease. With the rece=t SIFI

changes I also think we will see an M&A wave. The U.S does not need 6,000 regional banks. l=don't know which banks get acquired but owning the ETF will allow =s to capture all these themes.

<image001.png>

=/u>

=/p>

Paul Barrett

how many shares of each do we own . =C24> sosrry this is extraordiarily silly

<u>On</u> Mon, Jun 25, 2018 at 8:18 PM, Paul Barrett &=t i
<mailto > wrote:

1. Sell BUD. It is a small position with too much reliance on EM to make a mea=ingful impact right now. $431K; P/L -$51K.

2. Sell BAC. Also a very small position. Would rather re-allocate to KRE (regi=nal bank exposure). $213K; P/L +$112K. I think KRE is well positioned given the regulato=y tailwinds, strength on Main Street, no FICC reliance etc. Just to mainta=n Fins exposure. It would top KRE up to $memn.

3. MSFT, AVGO and Equinix — part of the data center theme. I think thi= theme has legs but MSFT and EQIX positions too small. Sell those. MSFT $508K. P/L +$11K; EQIX $497K P/L +$4K.

	4. JD.Com <http://JD.Com> - sell if it drops b=low $38. It is the Amazon of China.

However it cannot seem to break higher=due to margin concerns. $1.9MM; P/L -$59K at current level.

Paul Barrett

Alpha Group Capital LLC

142 W 57 <https://maps.google.com/?q=142+W+57&entry=3Dgmail&source=g> th Street= 11th Floor, New York, NY 10019



paul@alphagroup=apital.com <mailto:paul@alphagroupc=pital.com>

=span id="m_-38357668829172909cid:image005.jpg@01D40C90.44E836C0"><ima=e005.jpg>

<=>

From: jeffrey E. <jeevacation@gmail.com>
Sent: Monday, June 25, 2018 1:53 PM
To: Paul Barrett <███████████████████>; Richard Kahn ███████████████████>
Subject: Re: New Idea for your approval

New Trade Idea: SPX down 1=50% today on tariff fears.

*

- I recommend buying a position in each of the following: =/ul>

• Jul 280 SPY calls for $0.40

- Aug 280 SPY calls for $1.44

• Implied vol at 10%.

• Tariff related sell-offs have offered good trading opportunities. The risk =round retaliation is growing but if we can buy these calls with a 10% impl=ed vol, I think these could work very well at the first sign of any reconc=liatory comments from Washington. I would look to trade out of these if we get a bounce back to 2750 on SPX =his week. If we don't get the bounce by Friday I would sell.

=C2

Also to further clean up the=portfolio I would recommend the following over the coming days:<=u>

1. Sell BUD. It is a small position with too much reliance on EM to make a mea=ingful impact right now.
2. Sell BAC. Also a very small position. Would rather re-allocate to KRE (regi=nal bank exposure).
3. MSFT, AVGO and Equinix - part of the data center theme. I think thi= theme has legs but MSFT and EQIX positions too small. Sell those.<=>
4. JD.Com <http://JD.Com> - sell if it drops b=low $38. It is the Amazon of China. However it cannot seem to break higher=due to margin concerns. Currently at $39.43.

Paul
</=>
Paul Barrett
Alpha Group Capital LLC

th Street, 11th Floor, New York, NY 10019

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