A Letter From The Publisher, Feb. 5, 1979

Inside this week's issue of TIME is an interesting document about a remarkable enterprise: the annual report of Gulf & Western Industries, Inc. That broadly diversified corporation is celebrating its 20th anniversary and is marking the occasion in distinctive fashion. The 64-page pull-out section is the largest advertisement ever placed in any publication. Companies often seek to explain their business to the public through ads, but never before has a firm made such a comprehensive statement to so many people at one time.

Annual reports do not normally reach a broad public. In past years, no more than 300,000 people received the...

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