In my previous post, I talked about the requirement that we juggle short-term and long-term considerations as we manage our business. That means managing our short-term profitability by carefully watching our expenses and working vigilantly to cut unnecessary costs. And, at the same, it means identifying long-term growth opportunities and developing the products and services we will need in order to meet the future needs of the market. Another way to think about this is to ask, of the changes we are seeing in the markets we serve, which are "cyclical" and which are "structural"? That is, to what extent are these changes short-term in nature, driven primarily by the economic downturn? And to what extent are the changes longer-term...
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