In an interesting moment yesterday, Bill Ackman said that he believes that he could realize a 10-15x return on his JC Penney investment. In order to get a sense of what this means, below is a table comparing the market caps of other US retailers to JCP. If JCP were to increase 10x from its current $4.3B market cap, that would make it the 4th largest retailer in the US. To increase by 15x would make it the 3rd. To be a 10 bagger, Ackman has to believe that JCP wont just beat the Kohls, Macy’s, Sears and TJ Maxx’s of the world, but also be bigger than Target and Costco too.