We believe post companies are pivotal—e-commerce has not been a panacea for all post companies.Failure to adapt infrastructure,productivity and capabilities to e-commerce has shaped the opportunity for private companies.In China private companies have supplanted China Post,the United States Postal Service(USPS)is largely a last mile provider and recent privatizations(e.g.RMG and Japan Post)have embarked on post privatization catch-up.Those,like DP DHL and PTNL,with the necessary technology,capacity and organization have prospered.