Harvard Business School -10- that was publicly financed and made a record of success. Every successful construction company has grown out of retained earnings, and I can think of only two exceptions where construction companies that had already achieved a large measure of success then went to the public for additional money and have continued to operate successfully after obtaining the public money. The only explanation that I can offer for the close corollation between private ownership and construction company success is that it's a risky game played for large stakes and apparently played better when the management bets with its own chips. When you start worrying about trying to justify your mistakes to a large group of public stockholders, you become too cautious and lose the fast-moving, flexible, confident touch that seems necessary for success. In closing let me say the construction business is an exciting way of business life - yesterday's mistakes are quickly behind you, today's problems are always with you, and tomorrow's opportunities are always ahead of you. Thank you very much, it's been nice to be with you.