Skip, Jamie and team,

This is a post to let you know that the funds have arrived; we’ll touch base tomorrow once again for a review.

Clearly there is a good bit of concern in the markets with today’s sell-off.  You should note that we have been positioned in portfolios since 2010 to reflect our views of the macroeconomic landscape.  As a result, the Balanced portfolio hold less equity exposure than usual for a period of high margins, low P/E multiples and strong earnings; instead we have had more exposure to credit and to hedge funds.  This structure has helped cushion portfolio returns when markets declined.

We will do our homework tonight and watch how Europe and Asia open and will be in touch.

Best wishes to all,

Chris

Christopher W. Mason

Vice President

Banker

J.P. Morgan | 800 Connecticut Ave. NW | Washington D.C. 20006

Office 202.533.2110 | Fax 202.533.2124 | christopher.w.mason@jpmorgan.com

Chris and Dan,

Greetings. I hope you are both having a relaxing, cool and profitable summer.  Now that everything is in order it is time to move the money over.

As it stands, I am looking at sending $700K over to you as soon as we decide how best to allocate it.  That leaves ZERO a cushion in the B of A account of $245K. As the year progresses and we move through the bulk of the races I anticipate sending at least $100K more over to he JP Morgan account.  My question to you is how would you recommend these monies be allocated among the accounts?  I am ready to make the transfer as soon as we can.

I await your wise counsel.

Best,

--Skip

--
Skip Lockwood
President and CEO
ZERO -- The Project to End Prostate Cancer
10 G St., NE
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Washington, DC 20002
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202-463-9456 (fax)

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