We venture that the SNB will sooner or later be forced to permit the franc to appreciate and thus to enrich the holders of low-priced, three-year call options on the Swiss/euro exchange rate. It's a long shot, to be sure--the options are cheap for a reason--but we judge that the prospective reward is worth the obvious risk.
~ Jim Grant, September 14, 2014
(Today the Swiss National Bank announced it will no longer defend the euro by inflating its own currency, sending the Swiss franc up 19% and 20% against the U.S. dollar and euro respectively. The Swissie effectively retraced 63% of its 3 1/2 year bear market against the dollar... in one day.)