Block has a market cap of ~60B USD. That’s ~83B AUD at current AUDUSD rate. That is gonna put Block on the XJO just below NAB and just above ANZ on the index thanks to market cap weighting. APT is 20B cap today and even at their high was like ~45B.
I know, I know, I was just in the other thread talking about passive market cap weighting not being all that bad.
But this is bull****. Square has nothing to do with the Aussie economy, not even remotely, not even if Afterpay got 10x bigger.
I am pretty miffed, as you can guess. VAS currently makes up a full 50% of my equity allocation. I’d move into QOZ, which is immune to this kind of idiocy by construction but I am not a fan of BetaShares (they already screwed up QUS). Very likely I will be exiting VAS by the close today and moving into AFI or something.
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