QBE is the turnaround story we should have bought instead of LLC; they both have a complicated business, although the insurer is delivering – hindsight is the ultimate investor! From a risk/reward perspective, we have no interest in QBE at current levels, but in a similar manner to most of the market, there are no sell signals, either fundamental or technical.
- We couldn’t chase QBE into current strength, especially as we remain bearish bond yields in the medium term.
MM is neutral toward QBE, around $16.70
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