Thanks for the detailed analysis Jossette, I have to say two...

Thanks for the detailed analysis Jossette,

I have to say two things though:

1. It is not in the best interest of QBE to disclose their problems.

Has they done so, the cost of their borrowing will increase and the amount of capital raising (which they did via non direct route of convertible debts) will be diminished.

Which mean that unless you know someone on the inside, there might be more problems than we'll ever know until it hits the Profit & Loss.

2. I made good money by being wrong (in expecting good result) when everyone else was wrong (we mostly expected good result).

So in hindsight, it was upsetting that the result was so unexpectedly bad, but it wasn't bad for my pocket and a lot of other people's pocket as well.

Obviously it would be great if the fundamentals turned out great and the shares hit $20 ish by now. But well... can't always get what we want.