20% is a big weighting for businesses where the business model...

20% is a big weighting for businesses where the business model seems to be covertly accumulating private data and abusing it for profit.

Regulation is on the way. They have clearly demonstrated that self regulation does not work.

And these businesses are still trading on extreme multiples that imply no regulation and endless profit growth.

The game is up for them and they will rerate over time to more normal multiples.