On August 4, 2011, CNA convened a conference of leading international security, foreign policy, and maritime strategy experts at the Army and Navy Club in Washington, D.C. Its purpose was to examine U.S. grand and naval strategy in light of new domestic and international dynamics, and to discuss the strategic principles that should inform the Nation and its naval services in the coming decades. This report provides a record of that conference. It includes: The conference agenda, premises, and questions, the conference proceedings, selected conference papers, and participant biographies. The following are some of the conference speakers' most important insights and recommendations. They are the views of individual conference speakers, and do not necessarily reflect the views of CNA; nor do they represent a consensus among conference speakers and participants.