Instead, they talk earnestly about building their companies, and about the problems of managing growth in a place where every new idea, engineer or building seems to start a bidding battle.

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If that seems showy, consider that "any charity that has donors would love all their donors to talk about the money they gave, " notes Joeri Gianotten, a managing director for Ammado.

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"People used to talk about each stock having a principal exchange, " says Daniel Mathisson, managing director in charge of a Credit Suisse division that uses computers to direct trades to the lowest-cost exchange at any given moment.

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