Steve told us he has been with Franklin Templeton Investments for over 15 years as a Global Money Manager.  His company currently manages assets worth over $700 Billion. Steve told us that his organization doesn't see any recession within the next two years.  The S&P 500 is up 26%, bonds are up 3%, and unemployment is at all time lows of 3,5%.  Many more people are looking for jobs today than in the recent past. They don't see inflation as a looming event.  He warned us that when hearing news, we must identify who is speaking - a journalist or a money manager.  Journalists want to sell papers, etc.  The bond market is now like a roller coaster - can't be sure of what direction interest rates will be moving.  Steve's company is nervous about China trade. As it moves, so will Pacific Rim economies and then world economies will follow. One of the major sticky points is how intellectual property issues get resolved.  Steve's presentation was loaded with information and generated lots of questions.