Romano Sala Tenna

QBE Insurance
It is either brave or foolish to recommend a stock that has disappointed shareholders so often. But in QBE Insurance Group we now see the confluence of both top-down and bottom-up drivers. Starting with top down, QBE is one of the world’s 20 largest insurers and generates more than 70 percent of its revenue outside of Australia. So it is a big beneficiary of the depreciating $A. At a macro level, QBE has up to $22 billion in float reserves earning income at prevailing bond rates…

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