  A non-Hermitean random matrix model proposed a few years ago has a remarkably
intricate spectrum. Various attempts have been made to understand the spectrum,
but even its dimension is not known. Using the Dyson-Schmidt equation, we show
that the spectrum consists of a non-denumerable set of lines in the complex
plane. Each line is the support of the spectrum of a periodic Hamiltonian,
obtained by the infinite repetition of any finite sequence of the disorder
variables. Our approach is based on the ``theory of words.'' We make a complete
study of all 4-letter words. The spectrum is complicated because our matrix
contains everything that will ever be written in the history of the universe,
including this particular paper.
