Quote:
Originally Posted by Jay Random
There are basically two ways of becoming a billionaire: by taking risks in a new market, or by eliminating risk in an established market. American billionaires, by and large, tend to do it the first way. Every Canadian billionaire I can think of did it the second way. Neither the size of the Canadian market, nor the Canadian banking or legal system, nor the Canadian culture, encourage people to take risks on the scale required to build new businesses worth billions of dollars.
There's a reason why Elon Musk, after spending several years in Canada, chose the U.S. as the country in which to do business.
When your richest men got that way by avoiding risk, you can expect them to run their toy hockey teams in a similarly risk-averse manner.
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It's interesting that the convo around the difference between Canadian and American Billionaires (or whatever) is being deemed a cultural / mindset one at the individual level.
It's cultural alright, but it's environmental, not individualistic. It's the core difference between the two countries in question, and why, when we are talking about the upper echelon of wealth, and when it comes to what environment is more conducive to mega wealth, industry growth, or in this case Sport Franchise success - it's far easier and more lucrative to do it in the US.
There are of course other trade offs that come with the above across society in general, trade offs that Canadians often get very proud of when it comes to the differences between Canada and the US. But no doubt, it is easier to create mega wealth in the US, easier to generate return on your investments south of the boarder. People need to stop thinking it's a mindset deficiency with our owners up here, vs. it being a reality of conducting business in a more restrictive and regulated environment.