https://i.postimg.cc/vBhVsvFN/image.png

Sigh.

Like, this is a function of fragmented capital markets rather than anything else. Ryanair would 100% have a market cap of 50bn+ if it had a US listing.

Anyway, market cap is a really really bad metric for basically anything. Like Walmart has a market cap of over 1tn now, do you think its business has materially changed since 2021 (when it was half that)?

Meta has basically doubled since then, and again, their business is basically the same as it was 5 years ago.

As another example, Stripe is valued at about 100bn, while both OpenAI and Anthropic are 3.5-5x that. Which ones would you rather put your money in?

If we were to look at income mobility the numbers look much more different: https://slowrevealgraphs.com/2024/01/13/income-mobility-acro...

(apologies I figured the OECD would have better data but this was the best I could find).

So, on average it would take a low-income person half the time to become upper income in Denmark versus the US. Is this a better metric? Certainly for a low income person with unlimited mobility options.