of the downside risk and the high predictability made possible by the backlog, have in combination led to the high multiplier we now enjoy compared to other companies in our industry. Obviously the common ingredient necessary for success in creating and capitalizing on profit opportunities is human resources capable of performing the tasks and, if you expect superior per-formance, it is vital that you attract and hold superior personnel. The name of the game is people and this was particularly obvious in Utah's case 20 years ago, for all of its physical assets consisted of construction and earth moving equipment that could be easily duplicated by anyone with money, and it wouldn't have taken much money at that. The problem of maximizing the effectiveness of human resources is in my opinion the very essence of management. Much has been written about it and in my opinion much of it is nonsense. Too often companies make the mistake of thinking that the secret to obtaining better people lies in simply paying compensation above the market. This is fallacious for it assumes that the best people work for money, and my experience would indicate that this is not the case. The best people work because they are driven by an inner desire for achievement, a pride in personal accomplishment, the need to make a meaningful contribution to the enterprise or the cause they serve. Monetary compensation is the reward they expect for their performance but not the cause of it, and high compensation alone cannot attract and hold better people unless it is coupled with the other factors that create the kind - 10-