“For those who understand our core competency, this is a time of tremendous opportunity. Our value lies in the ability to leverage creative firepower in the most expansive ways possible. In many ways, the business is the brand. People tell me that there are only two or three acquisitions left to make because there are only two or three independent agencies. That’s true if you’re in the advertising business. But entertainment, for example, will play a major role in the future of brands.

“But the challenge remains: The key selling proposition for our industry is the talent and attitude of our people. During a time of great change and uncertainty, how do you keep those people feeling good about their work? It’s easy to believe that the business is working because you made some deals and acquired a few companies. But that’s not why it’s working. The only reason it ever works is because talented individuals are hard at work. And the best managers in these turbulent times have a good memory of what life was like before and a good vision of what life will be like after.”