Are ASX Quality Stocks destine to under perform going forward?

As the ASX is dominated by mining and bank stocks, the high quality stocks with strong MOATs and high rates of top line growth attract huge multiples because there is a limited pool of stocks that institutions can invest in. In addition to this, superannuation funds have huge cash reserves, due to Australia having one of the world's highest superannuation rates, that they are required to deploy which further increases these stocks multiples.

Here are some ASX stocks as an example:

$Seek Ltd (SEK.AU)$ - 100x
$Pro Medicus Ltd (PME.AU)$ - 150x
$CSL Ltd (CSL.AU)$ - 30x
$CommBank (CBA.AU)$ - 20x

Now, when you compare that to other stocks globally, Australia's high quality stocks begin to look extremely expensive:

$Apple (AAPL.US)$ - 25x
$NVIDIA (NVDA.US)$ - 70x
$Johnson & Johnson (JNJ.US)$ - 15x
$Bank of America (BAC.US)$ - 10x