Sustainable, superior returns accrue to companies that focus on what they do best. It is that simple. Yet it is incredibly hard to 
internalize. It is a rare company that focuses on what we do better than anyone in making every operating decision across every business unit and product line. Rarer still is the company that has aligned its differentiating internal capabilities with the right external market position.
These companies are called coherent.
Most companies do not pass the coherence test b
