thank you author for his posting of this article. i can call this "paradox". non concensus is also good.

this is still about competitive analysis. if we master understanding of differentiations developed by Porter , this article is easy to understand.

we use competitive analysis and our intelegence to get a case with higher return and low risk. the case with lower risk and lower return or with high return and high risk is just common case of investment, which is explain in cfa books.

differentiations by Porter is a concept with which we find out why companies are different, why this company grow why other dose not grow.

when i read "competitive advantage" by Porter, i see it is great. one thing i want Porter do is Porter should analyse competitive advantages in each industry. what is competitive advantages in manufacturing, in retailing, in airlines and pharmacy.

thank you author for giving us a concept of differentiations.