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QBE - they originally bought 3m shares @ $6 in September but continued to add to the position in October and November. They now hold 4.6m shares with average cost of $6.39.

ERG deal is something I have asked him about and he doesn't have a strong opinion about the company but was attracted by the yield to maturity of over 20%. It's definitely not a long term position.

Another couple of companies he owns that wasn't mentioned in the Report is Angus & Coote which has been travelling well, 15% of Reinsurance of Australia (not so well) and a fair chunk of Kresta.

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