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The general approach towards private equity investments has shifted substantially, in part to conform with the tougher market conditions prevailing after the financial shocks of the last few years. Gone are the days of earning profits largely through financial engineering and rapid portfolio turnover. In their place — business transformation — where investors park their money for longer terms and generally rebuild under-performing companies. Wharton professor Stephen M. Sammut and Philip Bass, global private equity markets leader at EY, discuss the new landscape in this Knowledge@Wharton podcast. They also take a look at the similarities — and differences — between private equity specialists and entrepreneurs.