The most important thing that a company can do in the midst of this economic turmoil is to not lose sight of the long-term perspective. Don't confuse the short-term crises with the long-term trends. Amidst all of these short-term change are some fundamental structural transformations happening in the economy, and the best way to stay in business is to not allow the short-term distractions to cause you to ignore what is happening in the long term.

As Stewart Brand (co-founder of Emeryville's Global Business Network) likes to say, "Information lasts forever. Digital information lasts forever or for five years, whichever comes first." There are examples everywhere. The tapes from the original Viking landers that went to Mars are at (NASA's) Jet Propulsion Laboratory, but there is no machine that can read the tapes.

It's interesting to see the lament of each generation overwhelmed by the next new tool. I can show you passages from scholars of Germany in the 1480s lamenting the fact that they are overloaded with all this stuff to read because of the printing press.

Think about reading: Today, parents would love it if their kids read books more because the parents understand the books. Just over 100 years ago, parents were upset because their kids were reading dime-store novels. Parents would say, "I don't want you inside reading anymore. Get outside and play." I guarantee you, in 50 years or so, parents are going to say, "You're not going outside to play until you finish that video game."

Stock prices turn people's heads. When prices are high, we treat a company like gods, and if they drop, we treat them as fools.

The difference between our collective generation and your generation (differentiating the reporters from the students) is that we poured our souls out on paper that got easily yellowed and lost. The danger is that many of your friends (nodding at the students) are putting intimate ideas in cyberspace journals. So when today's 15-year-old is 40, some friend is going to drag out all of that idiotic stuff at their class reunion.

Using technology merely to lower operational costs amounts to standing on a whale fishing for minnows. It just allows you to do the old thing more efficiently, where in this moment of deep transformation, it is much more likely that you should be doing something entirely new in an entirely different way.