While many businesses currently lack differentiation, market differentiation will eventually occur as most businesses fail to sustain capital efficiency and earnings. This future differentiation will cause the current negative allocation impact on their portfolio to turn positive.
"there's no differentiation in lot of businesses that we find today but but we are very clear that the differentiation always happens in terms of businesses over a period of time... most businesses fail to sustain the capital efficiency and earnings and as that happens that allocation impact that you see today in our portfolio on negative side will actually turn on the positive side"
