I’m pleased to see Dalegrey finally explaining some reasons for...

I’m pleased to see Dalegrey finally explaining some reasons for his “it’s going to $20” mantra.

I think AD 5065 is likely right in spotting and explaining why the market has reacted negatively today. I only disagree a little with his terminology…the factors he points out do seem to me to be more appropriately described as “unfavourable variances” than “downgrades”, and I think QBE management has described them appropriately.

I think the point made by cyprus is the most valid and thought-provoking one I have read here today. In the long term, the market is a weighing machine (Benjamin Graham) and price to earnings metrics are a lot more significant than knee-jerk reactions of perceived disappointment, some of which are in response to one-off events. I think Dalegrey will eventually be proved right…just don’t ask me when.