1. I broadly agree with your points, especially with your points on the regulatory burden. I also agree that it's much harder to win a fractured EU market than

1. I broadly agree with your points, especially with your points on the regulatory burden. I also agree that it's much harder to win a fractured EU market than a single market. Here we can point to US startups that struggle to win individual markets in the EU despite having already won in the US. The most striking difference I see is how badly US founders want to win. When a EU founder makes a few million they think they've hit the jackpot. The EU founder will take the early exit almost every time. EU founders are unwilling to do what it takes to scale up. I'm generalizing for clarity here, but I think this broad difference in mentality is key. 2. Apple made 35 billion last quarter. The best EU tech companies make maybe 3 billion. A 10x difference. European tech is nowhere to be seen on this list: https://www.financecharts.com/screener/most-profitable https://www.financecharts.com/screener/most-profitable. There are no EU winners of any vintage on the global stage. It's true that Europe's large cap businesses do about as well as their US counterparts, but mega caps don't exist. Is it fair to compare Europe's biggest winners to the runner-ups in the US?