At 8:45 AM on September 11, 2001, John Murphy, the CEO of Oppenheimer Funds, was out for a run in lower Manhattan’s Battery Park. He was thinking about the company’s reorganization plan, which he had announced the day before, when suddenly he saw an explosion near the top of the north tower of the World Trade Center. He stopped to watch black smoke pour from the place of impact—an awful lot of smoke, it seemed, for what was probably a small plane that had lost its way. He thought of his own employees in the neighboring south tower and made a mental note not to renew Oppenheimer’s lease in that building. “First the bombing in 1993 and now a plane accident,” he thought. “What’s next?” He continued jogging, now in the direction of the office.

A version of this article appeared in the December 2002 issue of Harvard Business Review.