<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, May 1, 2015 1:09 AM</td></tr><tr><td>To:</td><td>Peter Thiel</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

the old guard is totally out. like the good old days= former crown prince now the equivalent of a doorman,
am=assador bandar in exile. fun stuff

On Thu, Apr 30, 2015 at 8:34 PM, Peter Th=el ██████████████████████ <mailto:██████████████████████> wrote:

Negative-yielding notes, etc seem like a sign of something =eally crazy...

No conviction on oil but agree that risks remain to the upside on price -- =audi appointment of bin Nayef seems like a big deal, suggesting they are r=ally scared.

On Apr 30, 2015, at 2:18 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com> <mailto:jeevacation@gmail.com <mailto:jeevacation=gmail.com>> wrote:

option pricing totally out of whack, eurobonds so=n the all time great short. unllikely to break zero. so =symmetric risk reward . keep an eye on saudi =AO and attitude towards keeping oil low . young g=neration not happy with that idea

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## please =ote

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