The semi-annual occasion on which the guests grill their host. As Mr. Buckley frames today's discussion, "A year ago in a television special, a half-dozen American conservatives met to speculate about the future. The re-election of President Nixon, his forthcoming trips to China and Russia were the centers of the conversation.... Inevitably the question of interest not only to American conservatives but to others is: What now?" An often brilliant series of exchanges on everything from whether there are any conservatives of distinction, to whether there was once a reign of terror against liberal journalists, to how one goes about getting marijuana onto one's boat in order to smoke it outside the three-mile limit.