  We construct a theory which has the same particle content as softly broken
minimal supersymmetric QED (MSQED) and is free of quadratic divergences up to
two loops. Also this theory is completely gauge invariant. It appears that
MSQED is not at all the only theory without these quadratic divergences. This
proves that there exist non supersymmetric theories in which there are no
quadratic divergences up to two loops.
