Hi Peter,
These businesses are solid on many levels but their valuations and growth prospects remain of real concern which is being painfully reflected by all 3’s respective share prices. Very often in new industries whether motor cars around 1900 or transaction payment stocks today many of the early arrivals fail increasing the risks accordingly.
Hence while all 3 stocks have fallen significantly, and they do feel cheap, we believe they are only suitable for relatively small and speculative positions similar to what we hold in our emerging companies portfolio.