Don't be fooled, page-37

I don't believe management is the issue, or that there is a problem in the business. It is the market they are in. IT consulting is difficult at the moment, and whilst there may be periods of good growth and not so good growth, the majority of these businesses achieve their growth through acquisition. See SMX history, DWS, & EPD. If you don't mind businesses growing in this fashion, then invest. I prefer businesses that have a strong platform for organic growth, and none of the companies mentioned do.