2013, page-19

I hold a lot of QBE (for me) and I have lost more capital on QBE than any other holding and I am fairly negative on it as a stock.

I think sp may come back provided there are no more natural disasters; no more revalations of problems of QBEs own making (or that they could have avoided); and the world economy kicks up (QBE is global now). All in all, a lot of risk to take on, for relatively small reward.

It may be good for a leveraged trade not a LT hold like I thought it was. QBE grew and grew mainly by aquisition and this drove its share price up for years and created the illusion of a great business. That huge growth by acquisition is not there anymore.

It is just an insurance business and that means high risk piled on top of all the other risk investors face in the stock market.

I don't mind a gamble on QBEs recovery but I don't think QBE is a LT hold 'blue chip' anymore.