They are in a position of being incumbents. If you're an incumbent, you have advantages. You have the customer base. You have your sunk investment. They're an attractive investment target, whereas new entrants have very high risk and very high leverage. They're similar to what you would find in a start-up company in having the very high-leveraged and high-risk type of investment. Not all investors want to invest in that type of company.
On May 28th, 2012. See this statement in context.