This year marks the 40th anniversary of the founding of the Study of Mathematically Precocious Youth by Julian Stanley at Johns Hopkins. What began as a program on behalf of a small group of students has evolved into a worldwide effort by CTY and other Talent Search programs to serve students with exceptional academic potential. This session reviews the core principles and practices of SMPY, the programs that evolved from it, and research on Talent Search participants. The audience engages in a discussion of the relevance of this approach for meeting the needs of today's mathematically talented students.