In sectors like technology it can be even harder for private equity to compete, since valuations in some areas are sky-high and acquirers can use cash on hand and richly-valued stock to make deals.

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Tsang ordered stock brokers to report all short-selling trades to market regulators and ensure short sellers had stock on hand to cover their positions, with stiff penalties for non-compliance.

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My wife, on the other hand, has a high-quality stock frame, and has made repeat visits to bike fitters over the years for new stems, handlebar adjustments, etc.

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The basis of stock valuations was no longer cash-in-hand on the part of shareholders, but audited statements mailed in to Washington.

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