a chart, page-12

If you are a longterm holder $22.40 is cheap. With a full year earnings come Dec 31 of just under $2 its only on a P/E around 11.

Has QBE been harshly dealt with by the market and the shorters the past couple of months? probably, but management aren't sitting around worrying about the price. They are all about reducing expenses, increasing the insurance margin and looking for overseas acquisitions.

We dont hear of bad debts like we have from all the banks, we dont hear of dodgy dealings in any of QBE's companies, all we hear is how the australian dollar is hurting earnings when QBE have to report back to the market. No wonder the shorters love riding QBE's back, a quality company with only a currency issue.

People are forgetting that 2010 will be QBE's biggest profit year since the business started in 1870. So just looking at a timeframe of 12 months from now when the US economy picks up and the aussie dollar falls, do you think QBE will be around $22.40? Add $10 to it.

P