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guidelines. Time, the newsly week magazine is clear cut. Life; the name implies what-question mark. It implies everything in a sense. And nobody was ever able to put down on one sheet of paper or on twenty sheets of paper just what it is that the editor of Life should be doing. The problem remains today with Life the monthly. It's very difficult to set the ground rules for the editing of the magazine. People, you don't have to explain this to the newstand buyer, so that's about as much as I know about editing and publishing. And I've done forty three years of it. [laughter]

O.K.

And I could go right out tomorrow and create another disaster or maybe a good magazine. I'm still trying to find a new partner for Real Estate because I'm convinced it fills that void I was talking about. In fact, we've done the research to prove that there is no other magazine like it. It deals with real estate purely on financial terms as if you were talking about-stocks and bonds. And when you consider that most people have most of their money out in the form of rent or in the form of ownerships in real estate, far more than they do in stocks and bonds yet the newspapers run four or five pages of stocks and bonds pages every day so that you know what you own. There's no way of knowing what you own in real estate. And that was the basic idea.

What about People?