down now 8% and dropping like a stone., page-17

I must admit that I thought management would get it right last time - and I was VERY wrong. Nevertheless, I had two reasons for buying:
1 when big movements happen the market invariably overshoots. I waited for the big drop and the margin call drop - but there could be more.
2 QBE is a basically sound company. It has been let down badly by the previous management but if it can be stabalised it will come good again. The current management has had its second attempt and if this fails I am WRONG again, but not broke. It is still less than 10% of my holdings (one of my rules).