It's dominated by businesses where network effects are not in play; commodities, specialist equipment, medicine, biotech, hardware, etc. If there's a cultural,

It's dominated by businesses where network effects are not in play; commodities, specialist equipment, medicine, biotech, hardware, etc. If there's a cultural, legal, or network element to the business, then the fragmentation of the European market puts it at a massive disadvantage. Investor knows it and thus avoid investing in those sectors because they don't want to fight uphill battles