Both these industries are really tough, because valuations are sky high. Even when we look at a company like GPV, this is a company that has taken nearly a 50% haircut and is still trading at 17 times sales.
When valuations are this high and an industry is in the emerging growth stage, you have to pick the winning horse, because a lot of companies fizzle out. It's such a high risk proposition, it's almost akin to gambling.
Whereas if you let the industry develop a bit, let the frontrunners emerge and grab them then, it becomes less of a risk, and you can base your choices more off strong fundamentals. Sure, you don't have the chance to make exponential returns as you did prior, but you also aren't putting your capital at an exorbitant amount of risk.
For every one person that grabs an EV stock right now that returns them a significant amount of money over the next 10 years, there will be 9 that picked the wrong horse and lost.