A view from the buy side: Calpers


Currency traders have had to get used to choppy conditions in recent months, but an announcement by the Swiss National Bank on September 6 – that it would buy foreign currency in unlimited amounts to weaken the Swiss franc – caught plenty of participants on the hop. That decision followed sustained appreciation of the currency, as investors fled markets in the eurozone in search of safety, in the face of a reawakening of sovereign debt fears.

“Apparently, there was a flight of capital to some

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