Jan

15

The Fundamental Dilemma of all market manipulation, whether legal (as in this case) or illegal: when you stop pushing up the value of an asset, it falls back, giving you mark to market losses on your inventory. Today the SNB is taking tremendous losses on the Euro assets it has accumulated in its Euro buying binge. I would not want to be a private shareholder of the SNB (or a swiss taxpayer) on a day like this.


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