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Letter from Peter F. Drucker to Dan W. Lufkin concerning the management of Donaldson, Lufkin & Jenrette (DLJ). The letter is divided into three parts. Part One discusses three businesses owned by DLJ (securities business, asset management, and investment banking). Part Two concerns the future plans of DLJ. Part Three focuses on management structure and how to most effectively utilize human resources. In the introduction, Drucker indicates that, due to only spending about three days with each business, he does not know enough about the businesses and about the firm altogether. Therefore, he recommends that his letter be interpreted as "speculation" rather than as a report based on in-depth study and knowledge.