<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, January 10, 2018 2:12 PM</td></tr><tr><td>To:</td><td>Jonathan Farkas</td></tr><tr><td>Subject:</td><td>Re: Re: Re:</td></tr></table>

yikes

On Wed, Jan 10, 2018 at 6:46 AM, Jonathan Farkas < > wrote:

but bonds will compete of course the=amount of stock is at a percentage low from buy backs and takeovers.anyway=would be great to see you in PB I aint getting any youngre and its nice to=see old friends before you cantremember the Ides of January plus 5 jf

In a message dated 1/10/2018 6:40:09 AM Eastern Standard Time, jeevacation@gmail.com wr=tes:

no ,  markets will continue upward.  =sooo much cash,

On Wed, Jan 10, 2018 at 6:37 AM, Jonathan Farkas=<█████████████████████████████████████> wrote:

then markets must fall and we are en=tering the 70s correct .you called the bottom of the markets in 1982 ,your=quote in 1982 was you will never see 1000 on the dow again in your lifetim=.you would have gotten a Nobel prize for that call

In a message dated 1/10/2018 6:31:28 AM Eastern Standard Time, =eevacation@gmail.com
writes:

interest rates have to rise

On Wed, Jan 10, 2018 at 6:24 AM, Jonathan Farkas=<████████████
<mailto████████████> > wrote:

Hi Old man i will be down in pb this=weekend ,are you there? I am watching the 10 year and this could be a fall= breakout or lift off i am not sure technology should be keeping inflation=down.but the lower end of the work chain construction etc are seeing posit=ve wage pressure so it looks like inflation could be real.what do you thin=?if it is a cycle change the markets will have to react ,and the Chinese n=t wanting to invest in our treasuries is an interesting tell best jf

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