"The time to buy" said Baron Rothschild, "is when there's blood in the streets." These days it's hard enough for many managers to keep their businesses afloat, much less think about taking risks. After all, excessive risk-taking is what put us in the current financial mess. Yet a few companies, big and small, are daring to go against the grain. They're scouring the bankruptcy courts forrndeals, getting tough with suppliers on prices, and muscling in on rivals-all to gain advantage for the eventual up -swing. Fiat has successfully snapped up the bulk of Chrysler's assets. Toys 'R' Us has bought FAO Schwarz to gain market share. Procter & Gamble is investing heavily in research while others cut back. Novartis is betting its future on discoveries linked to diseases most people have never heard of (page 30).
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