Ann: Trading Halt, page-97

'smart money' is meant both in a sarcastic sense 'aware of the near term risk and thinking with a short sighted view: eg it could further impact QBE over the next 1 or two years, but further out it will not impact, therefore those taking a longer term view will actually profit', but it is also meant as the 'intelligent view', ie aware of the longer term risk when most of the market is taking a simplistic view that everything will revert to normal in the next 1 or two years, therefore those buying the current dip are actually buying a value trap and that longer term pricing will actually be below current pricing as the market begins to understand the long term impacts and de-rates QBE accordingly.

which is the correct 'smart money', unfortunately I am not smart enough to be sure. Therefore I take a half foot in and half foot out by not taking a big exposure and try to diversify my portfolio.