Many investors conflate transformational change and the emergence of disruptive new companies. But what if we’re thinking about market-bending change all wrong? In the second in a two-part series on long-term investing, Steve Wreford, a Managing Director and Portfolio Manager/Analyst on Lazard’s Global Thematic strategies, discusses why the actions of incumbents are just as important as those of new, disruptive companies; why the healthcare sector is ripe for change and the companies best poised to capitalize on that change may not exist yet; and what the scarcest resource in the investment world is. (Hint: It’s not money.)