Airlines (Companies A and B)

Company A is Delta, an airline company headquartered in Atlanta, Georgia, that

operates domestically and internationally with the help of joint ventures.

Company B is JetBlue, the low-cost airline that flies primarily in the United States,
but also covers countries in the Caribbean and Latin America.

Computers (E and F)

Company E is Apple, a manufacturer of a highly differentiated group of personal

computers, software, and consumer electronics.

Company F is Cray, which sells supercomputers, software, and data storage systems.
The essential difference is the ability to charge premium price for differentiated
products.

Hospitality (G and H)

Company G is Hyatt, a multinational hospitality company with hotels and resorts like
Park Hyatt and Hyatt Regency; it owns most of its hotels leading to high property
ownership.

Company H is Marriot, which also has a global footprint for hotels, resorts, and
residential properties that it manages and franchises; it manages most of its hotels
and hence, has low property ownership (low PP&E).

Newspapers (I and J)

Company I is New York Times, highly acclaimed and widely subscribed to.

Company J is A. H. Belo, a media company that owns and operates two daily
newspapers and has slowly been investing more in digital marketing due to the
competition within the newspaper industry, looking to acquire companies outside the
newspaper business.

Pharmaceuticals (K and L)

Company K is Valeant, a diversified and high-growth manufacturer of

pharmaceuticals and medical devices, acquiring other firms.

Company L is Eli Lilly, a company that manufactures pharmaceuticals such Prozac

(an antidepressant), looking for new drugs through extensive research.

Power (M and N)

Company M is AES, a global power and utility company.

Company N is First Solar, a company that focuses on solar energy and the selling and
maintenance of solar panels.