HOUSE_OVERSIGHT_024219.jpg

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Extraction Summary

3
People
12
Organizations
4
Locations
2
Events
1
Relationships
3
Quotes

Document Information

Type: Financial research white paper / investment report
File Size: 1.78 MB
Summary

This document is page 18 of a confidential 'Global Utility White Paper' produced by Electron Capital Partners, LLC, specifically marked 'For exclusive of Jeffrey Epstein'. The text analyzes historical Japanese market data to argue that the global utility sector is undervalued ('left behind') and presents a 'yield catch-up' opportunity. It draws parallels between historical Japanese fiscal policy errors and US economic policies circa 2013 (tax increases/austerity), suggesting that utilities may outperform the broader market as investors seek bond proxies.

People (3)

Name Role Context
Jeffrey Epstein Recipient/Client
Watermark 'For exclusive of Jeffrey Epstein' indicates he was the intended recipient of this confidential financial r...
Koizumi Historical Figure (Prime Minister of Japan)
Mentioned in chart regarding fiscal reform policies.
Hashimoto Historical Figure (Prime Minister of Japan)
Mentioned in chart regarding fiscal tightening policies.

Organizations (12)

Name Type Context
Electron Capital Partners, LLC
Creator of the white paper, listed in footer.
Nomura Research Institute
Cited as source for the chart.
Bloomberg
Cited as source for the chart.
Tokyo Electric Power
Cited in performance analysis.
Osaka Gas
Cited in performance analysis.
Hokkaido Gas
Cited in performance analysis.
Saibu Gas
Cited in performance analysis.
Okinawa Electric
Cited in performance analysis.
Fed (Federal Reserve)
Mentioned regarding QE programs.
BOE (Bank of England)
Mentioned regarding QE programs.
BOJ (Bank of Japan)
Mentioned regarding QE programs.
House Oversight Committee
Implied by Bates stamp 'HOUSE_OVERSIGHT'.

Timeline (2 events)

Jan 1997-Nov 1998
Policy error period in Japan where fundamental investors bid up utility prospects.
Japan
May 2001-May 2003
Policy error period where specific Japanese utilities rallied while Topix declined.
Japan

Locations (4)

Location Context
Primary market analyzed in the case study.
US
Compared to Japan regarding fiscal policy errors.
Mentioned in context of 'German bunds'.
UK
Mentioned in context of 'UK gilts'.

Relationships (1)

Watermark reads 'For exclusive of Jeffrey Epstein' on a document produced by Electron Capital Partners.

Key Quotes (3)

"Given the enormous amounts of capital controlled by fixed income cross-over investors, even a small reweighting could have a significant effect in bidding utility stock prices up and yields down."
Source
HOUSE_OVERSIGHT_024219.jpg
Quote #1
"The Japanese utility experience is very interesting as several economists question whether the US is currently committing similar policy errors while deleveraging is still occurring in the private sector"
Source
HOUSE_OVERSIGHT_024219.jpg
Quote #2
"the global utility sector has been left behind"
Source
HOUSE_OVERSIGHT_024219.jpg
Quote #3

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