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What's going to happen?

Well, we finally worked it out; it's working; we borrowed a lot of money; we capitalized the interest; we learned to manage our finances; at the same time we learned to manage our finances much better, we created a management company in the 1970s, late 1970s; bit by bit the management company improved its performance; and we have ended up having borrowed 800 million dollars--which is more money than I ever borrowed at Time Incorporated--and also having a portfolio that is now close to 4 billion dollars.

You mean in endowment?

Endowment. So we're in pretty good shape. But it was a long, hard process. And that's--the Corporation really--you could say the Corporation was responsible for getting us into this co-generation thing, but it was also successful in getting us, getting Harvard into a sound shape.

[end of side one: beginning of side two].

--and particularly, as all this was occurring at the same time as we were starting a capital drive. And if you're in a capital drive, the one thing you need is to have the reputation of handling your finances very well, because people don't like to give money to anybody who they think is not financially responsible. So we were