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On the bottom row of Figure 5, we look at the global developed top dog—the largest market-cap company in all developed markets—as compared with the average stock in the All Developed Index.8 The global developed top dog underperforms the other 1,999 stocks in the developed market universe, by 12.5 percent in one year, fading only slightly to 10.5 percent per annum over a 10-year span. This global developed top dog beat its comparative universe in just one of 21 ten-year spans. On average, an investor in the global developed top dog lost two-thirds of his or her wealth, relative to the investor who simply held the other 1,999 largest market-cap stocks in the developed markets, and rebalanced once a year. While this outcome lacks statistical significance (we have just 30 independent one-year results, and only three independent 10-year results), the numbers are impressive.