E Know When To Hold 'Em, Know When To Fold 'Em ...

On Saturday, the Financial Times reported on the SNB's program to invest in foreign equities to stop the Swiss franc from rising so high nobody could afford a watch or a ski holiday, which would have ruined the country's economy. In its 6th half year the Swiss National Bank's US stock portfolio produced a record gain of $1.1 trillion, or SwFr 1 trillion. The SNB is the only one using equities rather than only bonds. So every time there is a drop in one of its large US holdings, mostly in the tech sector, the SNB buys more. Now the Swiss government has indicated that it wants some of those dollars.

Welcome to a new month. And to a new GE share, equal to 8 former ones and moreover up 2.5% on its first day trading as a blue chip again.

Oil prices fell sharply today, by 3.5% to $71.37/barrel, despite the US dollar also falling. Canadian markets were closed today.

We have an Israeli company reporting today which is proving particularly hard to get data about, because the Globes Israel site is not accessible except by using Facebook, which however doesn't give you the promised access. As they say in Jerusalem, Oy vey. We also have news from another company whose truncated earnings we wrote up last week.

My husband and I are now firmly booked to hop the ocean to London which we have been plotting to do since March, but not at the cost of quarantining ourselves. 

Tech

*Reporting company mentioned above is Tower Semiconductor, TSEM, of Migdal Ha-emek in Israel. TSEM had a brilliant Q2. It achieved both a new record in sales and a beat in profits. Moreover it also predicted higher sales for the rest of the year helped by its new deal to produce chips in Italy at a pending fab plant, which gives it global creditility althoug it will not get into production until next year. TSEM earned $30.96 mn in the June quarter, or 29¢/share and 34¢/sh adjusted for options and amortizations. Revenues came to $362.11 mn. TSEM forecast H2 sales near to H2 of $385 mn.

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William K. 1 month ago Member's comment

Always interesting to see where winners invest, even when some stocks stumble a bit. But never do it with borrowed money. Far too risky. But we all know that.