 I think I entered the publishing business after the one year I spent in graduate school at Columbia, which would be 1951, and it happened completely by accident because I wasn't planning to do anything except go on reading. I liked to do that and I didn't want to be interrupted. One day I was buying books in the second hand bookstore on Fifth Avenue in New York and next door was a theater. And there was a movie about a publisher, a famous publisher called Horace Liveright. He was a genius. He ran a brilliant publishing company in the 1920s and the 30s. He published Everybody, Hammingway, and Elliott, and Faulkner, and God knows who else. I thought that would be a career for me, so I decided to become a publisher and I started many businesses, most of them successful, and I published many books. Years ago I heard the term disintermediation from some people at MIT and I said, what does that possibly mean? And when it struck me what it meant is that you can go right from the file and affect the manuscript and electronic form to the end user with no intermediate step, no bookseller, that would change everything I said. And I said, well, if that's the case, you're going to need, in addition to some kind of electronic gadget to read this on, something like an ATM, you know, an automatic teller machine for books. Someone called me up and said, I know where there is such a thing. And the inventor knew nothing about books or what they were or anything like that. He was no engineer, he was an inventor, he couldn't, the machine was a mess. But it worked. And I said to him, this is going to change the publishing business, but not yet, there's a lot of inertia out there, it'll take years. But about five years ago, I said, I probably ought to buy that thing before someone else does. And so I did and I had it re-engineered. So now it looks nice and it works well. With this machine, all you have to do is create a file and all the machines in the network, pick it up and you're a publisher. The machine also has millions of titles that they might want to buy, backlist titles and a lot of publishers and old books, new books. So there seems to be a pretty lively market for its product these days. Publishers these days, they have to be kept in business. And one of the ways they keep staying in business is by buying this machine and printing what used to be called vanity press books, a self-published book. People come in with family memoirs, whatever it is. And they run them off on this machine and that's a very lively business. And it's now keeping these stores alive, the profits from that. There's lots of demand for it in all parts of the world, where it's hard to get books. And where some people can't, many people can't afford these handheld things. Anybody can be a writer now, anybody can publish a book. Just put the file online and you've got a book published. Anybody can be a publisher. Possibilities are vast for district. An author now can look forward to a worldwide audience instantly. Digitization does two things. It radically decentralizes the marketplace so that you can, within a few years, download the entire corpus of literature, all the books that were written or to be written in this room with the click of the mouse. It also makes it possible to store and deliver all that content at virtually no cost. Which means that everything is now back in print, starting from the beginning. And everything will be added to it so that exponentially this thing will grow. And for that reason, everything has to be reconsidered, especially including copyright. There are foolish people who think, as they say it, illiterately, the content wants to be free, as if content had a mind of its own. Without copyright, there can't be any more books. Without books, there can't be any more civilization. So we really have to be careful about this. With the machine, there really isn't a problem of copyright. All content is in copyright from the moment it's presented, automatically. The digital file, which is delivered to the machine on demand, is deleted the moment as the book is being printed. So it's not there anymore. You have a physical book. You can of course scan it if you want to, but you could always do that. It'll be a long time before there are no more physical books. And when that comes, it'll be a disaster, without physical books. They really aren't, I mean, a book is a book to start with.