Ann: QBE UPDATES THE MARKET ON FY17 RESULTS EXPECTATIONS, page-52

I regularly read what @madamswer and @MarsC contribute. Both are experienced investors with an excellent track record. If it wasn't for what they and a select few others provide I would not visit the HC site. Please conduct a search and read some of their posts - particularly their more in depth analysis that they occasionally provide as an investment thesis.

QBE appears fairly valued and perhaps there is an argument to invest in this stock, but they have a woeful capital allocation record.

As for australian shares.... the total return index demonstrates that returns have been good since the GFC and in the decade prior the returns were ahead of most markets around the world. Personally, I see Australian markets returning similar rates to international markets. I do hold some international shares, but this is on valuation and diversification grounds rather than a belief that Australian shares are inferior. Additionally an argument could be made that with the right portfolio construction it would not be necessary to invest offshore.*

* International Fund managers often quote that the ASX is only 2% of world markets. This is sometimes disingenuous when used as an argument for diversification as a high number of quality ASX listed companies have business operations spanning the globe.