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In my last article , I made another call to Hold for the reinsurance company M ünchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München aka Munich RE ( MURGY ), (MUV2.DE). This isn't the first call for a Hold rating that I've made for the company, and the previous 2 calls have come too early. It's hard to know (impossible, I'd argue) just how high the valuation of a high-quality company can go....