In telecoms, for instance, private-equity firms are mostly trying to buy established firms often former national monopolists that, while they might be threatened by internet telephony, have strong cash flow, physical assets and plenty of scope to improve the quality of management.

ECONOMIST: Private equity and technology

Davy Jones was so eager to cough up its bounty from a massive high-quality reservoir 200 feet thick that McMoran several months ago had to control the flow by filling the hole heavy drilling mud.

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