Recent innovations in information technology have met, and in many cases, exceeded all but the most utopian visions for increasing access to research materials. Although the costs of the technology are high and the risks of losing access to digital information in the future because of hardware and software obsolescence are now widely recognized, the compelling advantages of digital technology make digital the default mode for the creation of text images and sound. A little remarked but potentially troubling unintended consequence of this rapid development is that the large, often comprehensive book and journal collections that characterize noted research libraries may be in danger because they no longer provide a strategic advantage to their home institutions. This is true even though the collections represent an almost incalculable and certainly irreplaceable investment in information-- the fruit of centuries of labor by authors, publishers, and librarians. Some far sighted campus leaders, librarians, foremost among them are asking themselves how they can best manage the risk to that long term investment.