On Wednesday, July 11, ten members of The Kelly Group drove to Short Hills, NJ to meet with leading decision makers of Franklin Templeton, the parent company of certain of our strategists. The agenda—created specifically for The Kelly Group–included discussions with: Peter Langerman, Chairman , President, and Chief Executive Officer of Franklin Mutual Advisers; Timothy Rankin, Portfolio Manager of Franklin Mutual Series; Elsa Goldberg, Institutional Portfolio Manager for the Global Macro team; and Andrew Sleeman, Portfolio Manager for Mutual International. Among topics discussed were: a review of year-to-date-investment performance, expectations for global stock and bond markets, the role patience plays in their investment decisions, techniques they use for controlling risk and downward volatility, and how negative financial and economic developments can help create valuable investment opportunities. These discussions, part of TKG’s ongoing due diligence investment process, helped confirm the sophistication, professionalism, and depth of the teams making investment decisions for our Franklin Templeton strategists. The Kelly Group delegation included Bryan Kelly, Chuck Wienckowski, Chad Arrington, Charlie Wolpoff, Tom Cusick, Joe Henninger, Jordan Heaps and interns Zach Smith, Logan Gasior, and Hunter Sauserman.