If I ran the SNB book I'd
a. invest a shit load of EUR I owned (maybe 50% of the 150bn?) in the equities markets
I'd probably buy lots of utilities companies and food producers. Maybe interesting tech companies too.
b. as a.) might cause a bit of a political problem I'd scatter my EUR among value and activist hedge funds or just plain old funds, but make sure they were buying the good stuff.
I wouldn't buy any developed world debt. They're going to debase/devalue/inflate their debts away or be crushed.
I love the idea of investing in Africa, but I'm pretty sure the Glencores' of this world are busy bribing important officials so they can pull out the natural resources without leaving any money in the country...
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