8 - jets. Less promising ventures, such as General Learning, Tomorrow Entertainment, the uranium enrichment proposition, some audio products, our Belgian medical operations, our European consumer affiliates, and our investment in AEG Telefunken, were disposed of when it appeared that they were not going to be right for us. On the other hand we have not lost our willingness to take well considered risks, as the new Canadian appliance merger and the Utah merger amply demonstrate. This is a dynamic Company, but prudent in the management of its risks. MORE EFFICIENT AND PRODUCTIVE General Electric has always been an efficient and productive Company. The record of our operating margin since 1966 shows that it was above 8% in the mid sixties, and is returning to that level now, reaching 8.3% in the third quarter of this year. There were two dips, and they make important points. The first was in 1969-70, when we suffered a 101-day strike that ruined our earnings for two years. Since then we have made great strides in improving our union relations, and have worked out two peaceful settlements, including one this year, that recognize the needs of our employees as well as the business. This greatly reduces a serious cyclical threat to our financial health and productivity. The other dip was of course in the deep recession of 1974 and '75, when all industry took the same beating. What we are proud of is the prompt action