The Swiss National Bank (w/ Felix Zulauf) Outtake | Grant Williams | Real Vision™

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The Swiss National Bank (w/ Felix Zulauf) Outtake | Grant Williams | Real Vision™

Transcript:
Felix Zulauf is one of the true legends of the investment industry and a man I've been waiting to meet in person for almost a decade. Over the course of a day in Naples, Florida I was treated to a fascinating look inside the mind of a man whose made bold calls and demonstrated an uncanny knack of finding the big turning points in markets and then capitalizing on them. Not all of what we talked about made it into the final cut of our conversation but that certainly doesn't mean that what was left out is any less valuable, so here's Felix's thoughts on the Swiss National Bank. Instead of the Swiss Bank being backed by gold it's now backed by Apple and Amazon, so it has changed. The corrector has changed, thank god they make a lot of book profits so far. I know they have a good risk management system but they cannot be assured as a hedge fund. No, you're absolutely right. Because when they move out, you know, and the word goes around hell breaks loose. So they do not have the same flexibility and room for maneuvering as a hedge fund. Well and also you know if Mr. Jordan is right about the Euro, and I suspect he is, that's an even bigger problem for the Swiss Franc because if the Euro is flawed and it does go to smoke, money's going to fly into the Swiss Franc. Well, it depends, you know if it breaks up into a stronger part around Germany and some weaker elements that go down. Potentially yeah. then I think his portfolio is set up in a way that he owns much more of what would be the stronger parts than what would be the weaker parts so he's balanced, so he's sort of hedged in that sense. So I think they have done it in a way that is as smart as he could be in this difficult and precarious situation they are in. A bad idea well constructed.