Ann: WBC 1Q22 Update release, page-58

I’ll make an assumption, you’re in your 20s. Canada’s weather for the most past is horrible, especially Vancouver. I’ve been there many times.

Slack and Spotify don’t make a profit. These very companies rely on shareholder funds. You mentioned canva before… PE funds using foolish pension funds money to buy into a company at 1000x revenue, making losses at $40bn plus is mind bogglingly stupid. Mind you those PE funds collected their performance fee along the way, they don’t care. The recent tech wreck will validate how absurd a lot of these unlisted unicorns really are, as well as listed companies. Cashflow matters, you’re too young to remember that.

High wages are fine if your output matched it. Australia doesn’t, we are a highly inefficient country. Because our wages are so high and globally uncompetitive we lost almost all manufacturing and even service industries are now using offshore hubs with Australian ‘face’ over the last 2 decades You’ve clearly got an employee mindset not seeing that capital is competed for globally. Read a few of my posts if you can understand them, you might pick up my ‘uneducated background’ fairly quickly.

No one will compete with US tech. The talent all goes there too, and that’s where the capital equally flows. Secondary to it is China and lesser extent Israel tech is stating off and has PE money floating around in it now.