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What a good idea!!

It doesn't suit my temperament but I think it is a good solution to the problem. The only form of leverage I use are Instalment Warrants on my bank holdings in Oz.

I noticed in your profile you're also a QBE holder - ditto, about 6% of my portfolio and held it for a number of years now.

It sounds like we have fairly similar investment ideas and you're either in Australia or NZ - a couple of my other holdings which I think are good companies run by great people are Hunter Hall International (HHL) run by a guy called Peter Hall and Sabre Group (SBE). Check them out and let me know what you think.

Hunter Hall I think is overpriced at the moment and I have a value of about $1.35 - $1.45 on it, but Sabre Group is excellent value at present prices and most of their profits come from the UK.

I will have to go back to the drawing board and give your idea some more thought....

thanks
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