i think buy, page-5

QBE was also 34 dollars not so long ago.

However if we are being honest we have to accept the following that has led to the dramatic share price decline.

1) Poor management not being in control of US Assets, communicating terribly with share holders, not seeming to really care about company performance.

But with the change in leadership and the latest announcement we can hope to have better communication going forward and more conservative and prudent leadership. So this may improve.

2) High Australian dollar - This is having a significant impact on QBE but is really out of their control. However with the mining boom probably peaking and economic conditions cooling in Australia this may improve. At least it is unlikely to deteriorate to much further in the near time (unless Bernanke really goes for it).

3) Interest rates - Huge issue for QBE (and other insurers). Not much they can do about it but rates are now so low they are unlikely to go to much lower. How long they stay down like this who knows as it is hard to predict what the central banking cartel and it's minions will do. But I think the pain is at a maximum and will improve from here. At some point the feds will lose control.

4) Natural disasters - Two very bad years. Can only hope things improve here.

So the bottom line is if QBE can fix the management and USA issues, and I believe they are really trying now, that should help a lot. If some or all of the other factors turn they could take off quite quickly.

I bought at an average of around 13 dollars so I am hurting pretty badly (I know others are hurting far worse).

Hopefully it turns around.

Twinsen