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Well, it's reasonably easy because it pretty well divides itself sort of three phases. The first phase, in the early 1960s, can be characterized as “feeling your way around” and putting your toe in the water in a lot of different places--without too much success. But the company as a whole was doing all right. Then the real crunch came in the late 1970s--

Late 1960s?

Late 1960s, primarily due to LIFE. I think it was further complicated by one of those depressions that we seem to have every two, three years, and the arrival of television, and the general view that magazines were going to--were all going to die, all going to die. I mean, that was the talk on the street. And indeed, Time did suffer. It suffered very considerably in 1957 or 1958, something like an 18% drop in pages, which is pretty staggering. And then finally the death throes of LIFE. And I don't know exactly what is cause and effect, but I suppose that all those pains had some impact on me and the management, and made us much more determined to move forward.

So the third phase, which was sort of from the death of LIFE on, was one of great activity, great action, great expansion, and considerable creation, and was a very, very positive phase. That's sort of a quick view of twenty years.

Okay.