"I will miss his talent, our laughter (and) friendship, but mostly I will miss Marvin, " said actress and singer Liza Minnelli.

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In some cases this is because many continue to create home-grown products that reinvent the wheel and miss the benefit of the talent and investment that companies can bring to the table.

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But what managers miss, argues Mr Moynihan, is that buying talent is a lot harder than simply writing bigger cheques.

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"It could be music, it could be painting, it could be designing, it doesn't matter as long as the young person has talent and a good idea, " said Miss Watts's stepbrother Nick McAllister.

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Not wanting to miss out on this online phenomenon and eager to showcase some new talent, CNN's Spirit of asked readers to come up with their own examples of the form based on a "flash fiction" classic from Ernest Hemingway.

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As the hype from the fashionable music press grew, major record labels were desperate not to miss out on the great Glasgow pop gold rush, and despatched armies of talent-spotters to the city.

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To pass the time on one of his visits Miss Bailey's father recalled that as a child she had shown a prodigious talent sketching the animals in the farm attached to their Shropshire home.

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