Take profit or take the ride?, page-18

By the way, one last thing, QBE have learnt to survive in an ultra-low interest rate environment, much like the big resource guys worked hard to cut costs and survive in a low cost commodity price environment. Look what happens when the cycle turns though, BHP for one has nearly doubled in 11 months. Certainly not expecting QBE will perform anywhere near close to that in the same timeframe as commodities can bounce back hard and fast and the interest rate cycle will be very gradual but when the cycle does turn then so will the QBE trend and any other stock highly correlated to rising rates.