Martin Ellingham

Have you ever noticed that an American chain of restaurants, which sells overpriced bowls and mediocre burritos, has a higher market cap than one of the biggest European automotive manufacturers, despite having 13 times less revenue and, again, a much smaller net income? If you’re not actively involved in finance, the answer is probably no. I am talking about Chipotle and Mercedes, and yes of course someone could argue that we also need to look at other things, such as margins, debt,...