After the UK voted to leave the EU, the Nikkei 225 was off 8%, the DAX 7%, CAC 40 8%, and the Stoxx 600 7%. Yet the various US indices fell in the mere 3%-4% range. Why? The answer’s fairly simple. US companies generate the most revenues domestically relative to markets abroad and therefore are likely to be the least affected. US companies generate approximately 70% of their revenues domestically, compared to under 45%-50% for European companies and 55%-60% for Japanese companies. With less risk exposure to any perceived economic stability abroad, the US markets are better insulated from the current European situation.That said, some stocks with high UK exposure, were pounded the hardest in Friday’s trading. Ebay (EBAY) was down 7%. Ford (F) with nearly one-fifth of its revenue derived from the UK, was down 6.6%. Penske Automotive Group (PAG), with one-third of its revenue sourced from the UK was off 10.4%.