I’m pleased that some folks are beginning to verbalize their sense that the tough times through which we’ve been moving can actually be seen as a gift. I happen to agree. It’s a difficult period but one that also offers an opportunity for important reflection about what matters most to us………………..Whether or not we acknowledge it, during the high-rolling times that preceded the current economic trauma, many of us lost some of our moorings. We measured too much of our activity by growth and size. Those of us in the foundation world were as quick as any Wall Street broker to enjoy and even expect ever-increasing rates of return on our investments and the steady building of new assets. I’m not interested in finger-pointing; there’s enough of that going on already. Suffice it to say that very few of us took the time to reflect upon the very fragile underpinnings of the boom and to raise questions about how long it might last………………..If I were an Old Testament prophet, I might be calling for all of us to don sackcloth and ashes and to repent. Let me instead simply say that we should not miss the chance these days to turn our thoughts to the essence of the work in which we’re engaged………………..To be sure, the daily administrative routine must continue. Issues of how best to adopt less expensive styles of operation merit thoughtful discussion. But we would both be acting in our own self-interest and adopting a sturdy idealism if we were to focus a great deal of our attention upon our highest values and how best to implement them. Most of them, I would be bold to speculate, are not dependent upon the size of our portfolios………………..From my perspective, the core value of that work is to assist those in need to move from a position of dependence to one of self-sufficiency. Others among you will highlight ideals that embrace diversity, justice, or quality of life. The specific answer is less important than the process of asking the questions that will re-focus our attention upon determining what gives our work the greatest meaning. Then, when good times return—and they will—perhaps we can build upon a foundation of our re-discovered values.