This lecture will highlight some basic principles leading to design of better compressors, on one hand, and better full text indexes, on the other. The strong connection among Suffix trees, suffix arrays, the Burrows and Wheeler transform and Entropy Measures will be highlighted and some of its incredible potential outlines, leading to provably good Compression Boosters and Compressed Full Text Indexes. Relevant pointers to state of the art software libraries that result from the major theoretic advances mentioned in this lecture will also be provided.