At last week's Private Equity and Mining Conference in Perth, one manager said he had invested in just one company after having met with 100 in the last year and done due diligence on 15. The high attrition rate apparently came from company executives not having the necessary skills to understand fully the assets for which they were seeking funds. Unfortunately, the near doubling in the number of Australian listed resources companies over the course of the most recent cycle has left most companies with a wafer thin skill base. The one in fifteen statistic raises alarms about the reliability of the information used every day to entice new investors into public markets. Much of what is being claimed about projects can never be put to the sort of test a private equity investor will employ in a due diligence review.