&gt; There is nothing to back up your claim that they are more resistant to a down market. How many European social networks are left? How many European transportation companies are in the US? The list is long of american companies dominating the markets in the EU not the other way around.<p>Great, so companies based on making billions of losses a year were able to buy competitors that had to make profits.<p>That is more a sign for Silicon Valley being yet another investment bubble instead of a sign for SV somehow being &quot;better&quot;