Galaxy results, page-18

It is probably quite true for Australian private equity but not true at all for International equity funds. Many companies in the US do not make profits for many years but are still considered stock market darlings. Amazon, Tesla etc. Of course these are disruptive companies so maybe not an apple to apple comparison. But yeah Aussie PE is very poor in investing in new companies which is why we never created a global solar panel, mobile phone company or Pharmaceutical giant even though Australians were the leader in solar technology in the 90s and 00s and the inventors of wifi and inventors of multiple life saving drugs. We let other countries take research and use it and gain no benefit at all.