At that time these were very arcane theoretical notions. But those of you in today's investment management industry know this material really is the foundation for virtually all major money management activity in institutional investing. The kind of leap that Ernie and his team made back in the mid-sixties is similar to another sort of leap that we need to make today. If you look at the Stanford University campus today, you'll see that people are studying both arts and sciences. I think if there's an area for us to make breakthroughs, it's in the arts side of management.
Management also is both art and science.
We've been very productive at probing the boundaries of ideas and knowledge and tools and disciplines around the science part. I think there's a clue for us around the softer side. We know that if our students have a struggle when they go out into the world, it will not be because they're not smart enough or because they don't have enough good ideas, it will be because they struggle over managing themselves and their relationships with other people. That's the first thing I'd say about the making of our future, that the academic foundation will be critical. Second, we will be a school of management.