great minds. ive bailed too. happy with the return.
to be fair - the results werent anything spectacular, somewhat underwhelming. Having said that, its a half, they need to keep some fuel left in the tanks should experience turn by full year.
my concern is (high level):
- anz: COR ridiculously high by historic standards (no signs of improvement) when other generals (IAG/SUN) have done well...anz cor was and should be mid 80's
- Asia. This was high 70's COR early 80's during my tenure. cant believe it where it is now. Not looking good. its deteriorated bad. It was the smoke n mirror logic for historically combining latam, now its worse than latin america!
- Eq re: COR has ticked up noticeably. is this a crafty method of redistributing COR outa divisional results and into eq re? used to have mid 70s COR - smoke and mirrors being played? That may imply divisional COR is being "window dressed" - pwc - where art thou? (shift via internal re-insurance)....
sick of hearing the "simplification" spin. Its just that. Spin. shedding portfolios you have zero expertise in is epic fail to me. grow the book, dont shrink it. I wont keep harping on about the lack of oversight and control, esp in the outer (non anz) regions. those books are profitable to some1 and hence they were easily sold (willing & eager buyer found), so why couldnt qbe optimise those portfolios?
i may be back - next time qbe suffers another decent drop.
opp cost is too high now, dont want to chase a further 50c (4%) when other opps are screaming 20% min.
gltah - its been fun.
QBE Price at posting:
$11.11 Sentiment: None Disclosure: Not Held
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