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Well, that's a rather recent phenomenon. I felt it in the last few years of my chairmanship. My successors feel it much more. I resisted it. I resisted the quarterly business. I didn't even really believe in going to see the analysts, because I knew perfectly well that I was talking to people who would sell as fast as they would buy. A very sad thing has happened to a lot of corporations, in that the “stockholders”--the owners, people like to talk about the owners--well, there ain't no owners. There are just funds that wash in and wash out. The idea that you have stockholder owners is fast evaporating. It's still part of the mythology, but, in fact, you'd have trouble tracking down a 20% ownership that has some permanence to it and that is interested in the long-term.

Okay. Now we're going to go back again-to some of the specific areas of the corporation. Why won't we start with what you began doing shortly after you became chairman, and why won't you discuss some of the highlights of the Time forays into the international field? International publishing--

The magazine industry in the 1950s and 1960s went on a terrific international binge, and no company was worth anything if it wasn't in the world. This was a time when we practically owned the world, and the world resented us very much because of that very thing. So we inevitably were swept along by this tide, and I, having an international background, decided to explore the possibilities. I went around the world, and I went down to South America--