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The incumbents, he says, will generate "fundamentally lower levels of earnings than we've seen historically".
A Chinese bond rating agency this week cut its rating of American government debt to single-A-plus, saying that "serious defects in the U.S. economy will lead to long-term recession and fundamentally lower the national solvency".
The latter are the loans issued to prime borrowers, which implies a fundamentally lower risk compared to junk bonds.
"One of the things that the business model provides that M-KOPA doesn't is that it's a fundamentally lower cost structure," said Tozun.
"One of the things that the business model provides that M-KOPA doesn't is that it's a fundamentally lower cost structure," said Tozun.
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"You have Darwinian innovation in the consumer space, and that fundamentally lowered our operating costs," he said.
David Sexton in London's Evening Standard called Rowling's view of human nature "more fundamentally lowering than that of the most cynical French aphorist".
"The book is quite punishing to read and the view of human nature it takes is more fundamentally lowering than that of the most cynical French aphorist … Rowling has said pre-emptively: 'There is no part of me that feels like I represented myself as your children's babysitter or their teacher.
The agency cited the Federal Reserve's decision to pump more money into the United States economy and warned of Washington's "deteriorating debt repayment capability" and "the serious defects in the United States economic development and management model," which it predicted would lead to "fundamentally lowering the national solvency".
Are those companies suffering low margins because they're investing in the future or are they fundamentally lower-margin businesses?
"This fundamentally lowers our costs significantly," says Compaq Chief Executive Michael Capellas Michael Capellas.
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