Name something that was important to you in 1974 that isn't anymore.

Business travel. When I started my career, even a trip to Clinton, Iowa, was exciting to me. There was the lure of exploring a new place, going someplace I'd never been before. After those early years of 100-hour workweeks and countless trips to the Clintons of the world, travel - even international travel - is no longer as exciting or glamorous.

Is there anything that you've missed out on because of the demands of your career?

Ironically, extended personal travel! There are some trips I would have liked to take with my family to places that would really require two or three weeks to do properly. I haven't been able to take that kind of time for vacations.

What was your first job?

I was a paperboy in Hartsdale, New York, for a few years, delivering the Reporter Dispatch. In high school, I sold sporting goods at E.J. Korvettes, a New York metropolitan area discount chain. During summer breaks from Tufts as an undergraduate, I worked as a runner on Wall Street at Lehman Brothers, where I ended up spending much of my career.

If you hadn't pursued a career in management, what might you have done instead?

I would have liked to play professional baseball. I was barely good enough to play in college, so playing pro ball was a real nonstarter. Still, it would have been fun to try.

What is the most important thing you've learned about business since leaving HBS?

I don't know if it's the most important thing, but it was a real revelation to discover that there is a shortage of excellent management and dynamic leadership in the business world.

What is your outlook for the stock market over the next five years?

I am optimistic. That doesn't mean there won't be bumps in the road, but you've got low inflation, enhanced productivity, a broadening market in that commerce is more global by the day, and great strides in technology. Barring artificial constraints by government or unusual dislo-cations - such as the first oil embargo that came when we were students at HBS - I'd say existing factors point to a pretty good investment environment.

How would you describe the value of Internet stocks today?

Ten years from now, I suspect some companies that appear to be really out of sight today will look like they were fairly priced. Obviously others will turn out to be flashes in the pan. As in any other industry, there will be winners and losers, but the bottom line is that at some point, these models will have to create sales and earnings. Some of these businesses will have very interesting futures; as for others - I'm not so sure.

What is the best business advice you've ever received?

Before I started working as a runner on Wall Street, my dad told me that there was a difference between being a runner and being an excellent runner and that this distinction would be noticed by the people I worked for. It was an interesting way to say that whatever you do, do it well - and it's something I've never forgotten.

Would you want your kids to do what you do?

I would never want my children to go through life looking over their shoulders at their parents. I do want them to develop a passion for whatever profession they choose. I've always loved what I do, and I've been driven to strive for excellence. That's what I'd like to pass on to them. That, plus the realization that they must find a way to give something back to society. I want them to be passionate about that, as well.

Kevin W. Kennedy	Stephen M. Waters	James A. Stern	William J. Kneisel	Donald H. Layton