I must say, you have made some assumptions in your comments...

I must say, you have made some assumptions in your comments about the 'average punter' that I disagree with.

"But for the average punter, who does rely on SP increase as a form of return and are keen to exit in a 12-36 month timeframe, its just not going to happen." - I myself and I'm sure there will be others, who are happy to be in an investment as long as we need to be.

Sometimes it means getting in and out after a few months, weeks even, sometimes it means holding for many years.

If the owners as you say, are thinking about the long term, building wealth over 20-30 years, then I think that can only be good for people like me who are happy to be patient.

Unfortunately I've held onto too many businesses with managers focused on the short term, hitting their bonuses, but underinvesting and then bailing as the chickens come home to roost. In those situations I find you end up trying to time the market, to see who is the greater fool who ends up copping it in the end.