Typically the expansion markets have worse economics or other operational problems. That's why they wer not the 'model' or tier 1 market to begin with. It does

Typically the expansion markets have worse economics or other operational problems. That's why they wer not the 'model' or tier 1 market to begin with. It does seem a stretch to put a huge valuation on a business with so much value 'on the come'. The exception (that perhaps proves the rule) seems to be Amazon.