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...older boy leads a short prayer in Arabic-all Ban Bukoh's 200 pupils are Muslims-and the national anthem is played. "Thais love peace, but aren't afraid to fight," the children sing as the Thai flag is raised between fire-scorched trees. The words can't mean much-some of the children are fresh out of kindergarten. But even the youngest among them must be dimly aware that a conflict is raging in Thailand's three southernmost provinces of Pattani, Narathiwat and Yala, and that its battle lines run right through their schoolyard...
...know that's what I'm thinking. And I didn't start out that way. I'm certainly open to persuasion that these private-equity deals are on balance a good thing, that they clear the cobwebs from dusty corners of the economy. But that doesn't mean they need or deserve a huge tax break. Tax breaks aren't free. Lower taxes on Stephen Schwarzman mean either higher taxes on somebody else or a bigger national debt...
...exactly a democracy. Sitting in a conference room, the team discusses and asks questions--How are executives incentivized? What would boost margins?--and then, going around the table, each member voices an opinion. "It's not a strict vote. Just because five agree and four don't doesn't mean an idea will go through," says Roger Kuo, an analyst who covers media companies and sits on the policy committee for international stocks. Four strong objectors and five moderately enthusiastic supporters will probably nix an idea. As will the rare situation when disagreement turns into polarization. "The process," says...
Advocacy, though, doesn't mean an analyst gets all the credit when a stock rises or the blame when it falls. Analysts circulate research reports to the entire firm. Anyone can weigh in. And when the analyst thinks it's time to change the firm's exposure to a stock, the first stop is a sector committee, made up of people who know an industry well and can drill down to test the idea in depth. "The nature of this business is that you're going to be wrong a lot of the time," says Diana Strandberg, who sits...
Does that mean Musharraf could be ousted from power...