An element of it is investment driven but our research has found that most of it is from incredibly wealthy people who have done their homework and have become incredibly sophisticated buyers in a short space of time.

They really have built a very impressive investment-banking capability. They won't always be No.1, but they clearly have been effective in merging their investment and commercial banks.

France proposes mobilizing the European Investment Bank to double the capacity of research,

California could become the global center for stem cell research with that kind of investment and the talent that's there. But within Harvard alone, we have as many outstanding scientists as arguably all of California. I think many of us are envious of the resources in California, but we're doing our best to organize and effort around somewhat more modest funding.

P&G invests heavily in research, development and intellectual property and design, and must protect that investment.

created a structure under which not just investment bankers but also research analysts and sales personnel all reported to him, and all devoted their efforts to securing for him an ever greater share of Silicon Valley's investment banking business.