After updating our discussion on the ethics of “news” books in light of Bob Woodward’s new controversial book, we use the occasion of Headwater’s first birthday to talk about the state of modern publishing, where boutique presses and agencies fit in, how the industry could survive and sustain itself moving forward, and much more. It’s a wide-ranging conversation about how, contrary to common wisdom, publishing may need to “think smaller” in order to be the most effective version of itself.