Was investment into development prior to that as significant as it is now? What were the profit margins on the initial orders in the post-regionalisation order wave? Would a PESA or NEWAG getting in financial difficulties in the medium-term not be a much more attractive target for a takeover by a rival (be it friendly or hostile) than they were a few years ago? I was also thinking of risks like this; and these adding up with unpredictable but not unlikely risks like losing big on an order with unexpected complications (like the Combino trams with cracks for Siemens or the brake commissioning problems for the Budapest metros for Alstom).

_{*Lunatic*, n.
One whose delusions are out of fashion.}