Thanks huninni for taking the time to reply. On interest rates,...

Thanks huninni for taking the time to reply.

On interest rates, lifting them enough to make a material difference to QBE's bond ladder would crash the global economy - so it wont happen soon. You point to a 5 year time horizon, but a lot of water will flow under the bridge in that time. Enough to swamp QBE.

Exiting underperforming businesses rather than fixing them is grand, but they are sold at a discount which further erodes capital. QBE is shrinking itself to greatness.

I would very much like a lower $A to aid activity. But we are one of a handful of AA+ countries the world devalues against and all countries cannot devalue together. Our open architecture (how very honourable we are) means we take it on the chin.

Thank you for the book recommendation which I will certainly follow up. Meanwhile, let me recommend Graham and Dodd to all.

Ash