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Markets : steady US inflation numbers, no big moves either way, steady as you like, crude steady, U.S. budget deficit surged in July to highest level since March 2021, Strait of Hormuz traffic falls to lowest level in 3 months, Uranium hits highest price since February, JPM : Speculators are now the most long on the U.S. Dollar in more than a decade #USD , 10-Year Treasury Note Auction drew an interest rate of 4.683%, the highest since the run-up to the Global Financial Crisis, South Korea's 30-Year Bond Yield hits highest level in history, UK economy grew 0.4% in second quarter (steady), and why not... Anthropic investors bet on $2tn valuation in record IPO, Tether : This Crypto Platform buys Gold Like a Central Bank—and for the very same reasons, can't make this up, just buy and hold Gold.. Trump's U.S : Lowest Munitions Stock in history, Lowest Petroleum Stock in history, Highest Nation Debt in history & Lowest Approval Rating in history... winning! Chinese government has disclosed for the first time that it has officially included the internationalization of RMB in its 15th 5-year plan. All of state-owned top institutions bullish on gold, Capital in China is flooding into gold ETFs Iran set to join the New Development Bank, a financial institution established by BRICS AI : Is this circular financing? No! It’s just us helping our partners raise billions in debt and us backstopping 25% of the deal for customers so then they can then buy our GPUs. If anything it’s spherical / Thread Crude : Exxon, Chevron and Total, all been saying similar things, now Saudi Aramco's take on the situation.... : it will take 18months to get back to near normal JGB's JPY : The Bank of Japan has to hike. The latest producer price inflation came in at 7.2% in July. Inflation linked bankruptcies are surging - hollowing out industry Tether Buys Gold Like a Central Bank—for the Same Reasons - Barron's Tens of billions in funds poured into gold ETF__ finance headlines __ Sina Finance U.S. budget deficit surged in July to highest level since March 2021 Aramco: Inventory renewal would take 18 months - Breaking The News Felix Prehn 🐶 on X: "Jim Rogers is holding cash even though inflation’s eating away at it. I asked him why and this was his answer: When panic hits, money flows into whatever people see as safe. And for now, that’s still the dollar. So the US dollar goes up. He wants cash ready for that moment. https://t.co/ZXraFfkwY2" / X Gold vs. Bitcoin* 1 Year: +30% vs. -47% 2 Years: +76% vs. +7% 3 Years: +125% vs. +116% 5 Years: +144% vs +40% *Long-term track records > 5 years are MEANINGLESS on an asset class that drops 70-80% every few years. SIZE drawdowns knock MOST investors OUT of the game, FACT. Google DeepMind: Koray Kavukcuoglu takes over in frontier AI push Investors in Dario Amodei’s Anthropic bet on $2.8trn valuation in record IPO Ed Zitron on X: "Is this circular financing? No! It’s just us helping our partners raise billions in debt and us backstopping 25% of the deal for customers so then they can then buy our GPUs. If anything it’s spherical https://t.co/b2K2e3BBGc" / X Basel zeigt der Welt, wie Flussschwimmen funktioniert - News - SRF

US July Budget deficit set to more than double in July as the daily increase hits $10bn check it out on the PVM debt monitor Live US Debt Monitor UST : #duration long end yields are as much about the monthly US budget deficit numbers as they are about CPI, so super key data again, with the expected release of the 26th July auctions at 8pm CET >>> The Global Fiscal Train Wreck...U.S. Treasury is paying $3 billion a day in interest on national debt, says the CBO...US July budget deficit expected to widen sharply to nearly $295bn as fiscal pressures intensify.” “US fiscal gap set to widen in July, keeping $2tn-plus FY26 deficit firmly in focus.” CBO Markets : U.S equity market implied volatility is pretty low right now, so an OUTSIDE CPI number will have a decent impact, for both risk and bonds, then the USDollar, Japan's 2-Year Yield hits 1.64% for the first time since 1995, Panama Canal fees hit record high as El Niño and Iran war choke shipping, there are now over 1.1 million homes for sale in the US, the highest inventory since 2019, Largest Foreign Holders of U.S. Treasuries Japan sitting there at #1 with roughly $1.2 Trillion worth #USDJPY >>> markets QUIET, ALMOST ASLEEP, so Do watch out later on, watch UST 30's Duration etc.. 10's sitting uncomfortable near recent highs in yields terms 4.69% Wave of US tariff refunds flows back to Chinese firms, buoying profits by millions US Government Borrows $800 Billion In 3 Months "Warsh can talk tough, but the math indicates he has no choice but to keep the printing presses rolling, which means inflation will only move higher." Iran updates : New attacks on shipping as Iran war talks hit fresh impasse. Before the rhetoric escalated again, Pakistan, along with Qatar, had raised hopes that the two sides might be closing in on a deal that would in effect reopen the vital waterway Poorer Americans are struggling to make ‘ends meet’, top Fed official says. Boston central bank branch head Susan Collins would back September interest rate rise inflation remains hot >> today's CPI key CBO: US Treasury spends $3 billion daily on national debt interest | Fortune This week should help answer a key question: is the US economy beginning to crack, or merely cooling? Three releases matter: Today: July CPI. Core consensus is +0.2% month-on-month. A stronger print would revive the prospect of a September Fed hike. Thursday: PPI and jobless claims—testing pipeline inflation and whether July’s 23,000 payroll decline was a one-off or the start of a weaker labour trend. Friday: Retail sales and consumer sentiment—the crucial read on the consumer and broader growth outlook. Core inflation remains around 3.3% and is proving sticky, while the labour market has clearly softened.spglobal+1 Soft data would support a Fed hold, lower Treasury yields, a softer dollar and stronger gold. Hot data would reinforce the stagflation trade: long-dated yields, already elevated, move higher and equities lose some of their support. By Friday, markets should have a much clearer sense of which regime is taking hold The Global Fiscal Train Wreck - Robin J Brooks Why Is Kevin Warsh Getting So Much Grief? U.S. Treasury yields: investors eye key inflation data He's so wrong..but he is a cult like Trump follower...so... Watch CNBC's full interview with White House National Economic Council Director Kevin Hassett >>> “Bond Traders can stop panicking when the Fed starts panicking.” The bond market is signalling concern about inflation and do nothing about it will only drive bond yields higher. Situational awareness - do we have it? - Deutsche Bank Research Institute JD Vance asked Ukraine to halt strikes on tankers using Russian port Here's How Nvidia Is Rapidly Becoming the 'Central Bank of AI' - MarketWise Wave of US tariff refunds flows back to Chinese firms, buoying profits by millions | South China Morning Post Panama Canal fees hit record high as El Niño and Iran war choke shipping Pentagon may see one of quantum computing’s first practical winners - TheStreet Swiss National Bank's US stock portfolio hits record high in Q2 Existenzangst von Landwirtschaftsbetrieben wegen teurem Futter - News - SRF BTC chart Barchart on X: "Bitcoin is getting ready for an explosive move 🚨 Bollinger Band width is at its narrowest level since October 2023 ✅ $BTC went on to soar more than 330% from Oct 2023 - Oct 2025 https://t.co/rYwctiAqfL" / X

Iran updates : US President Donald Trump seems to be pursuing a “no war, no peace — just economic pressure” on Iran.., because...America’s depleted weapons stockpiles undermine Trump’s leverage with Iran Markets : crude prices up a bit for the usual reasons, still around $80 WTI, no-one really cares too much at these levels or rather suits most.., USDJPY is back to 159 (155 lows briefly last week - more action required, interventions + rate hike), French 30y yields 4.79% highest since 2008, CHF weakens still at snail pace, but it does weaken (trend), if you like and believe in further BoJ/Bessent JPY interventions, CHFJPY lower long-term is way out of PPP levels!. S&P 500 Price/Book ratio jumps to highest level in history, surpassing the peak of the Dot Com Bubble Nvidia lines up $500 billion in financing as CEO Jensen Huang tells CNBC his chips are ‘investable asset’ >>> so let me get this straight...Larry Fink of BlackRock is comparing Nvidia's $500B fund raise to the creation of Mortgage Backed Securities? I'm sure that MBS instruments have never caused us any issues in the past... UK regulator prepares framework for tokenised gold German truckers take the load as drought hits Rhine shipping. Emergency move to suspend Sunday ban comes as economists warn of hit to country’s GDP growth U.S. Bitcoin ETFs saw an inflow of more than $850 million last week, the largest weekly inflow since April, price unch still low 60K's US court rules Meta, other tech firms must face thousands of lawsuits over social media addiction. A US appeals court on Aug 10 allowed thousands of lawsuits to move forward against Meta Platforms, Alphabet’s Google, ByteDance’s TikTok and Snap Inc’s Snapchat over claims they designed their products to be addictive to young users Nvidia, Wall Street asset managers partner on $500B AI push Japan-U.S. yen intervention: impact on global currency markets Investors Drop Stock Hedges as S&P 500 Rally Drives Options Shift - Bloomberg Munitions shortage constrains Trump's military efforts against Iran German truckers take the load as drought hits Rhine shipping UK regulator prepares framework for tokenised gold Swiss Gotthard road tunnel to close for 12 nights in August - SWI swissinfo.ch Spain imposes border checks on Italian travelers in tit-for-tat move over Ceuta migrants row US President Donald Trump issues backing for under pressure Fifa chief Gianni Infantino - BBC Sport Income investing: Helping your money work for you – The Armchair Trader US social media addiction cases to move forward

Meet the PVM team — 75+ years of combined professional experience in Swiss asset management and relative value investing. FAQs (/faq) MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More

Relative value asset management for global assets. PVM's Investment Matrix combines balance-sheet analysis with peer comparison to identify entry and exit points. Asset Management Using our unique relative value based Investment Matrix we build portfolios with superior analytical metrics, compared to mainstream equity indices. We currently have two different Portfolio offerings; firstly our classical Long only Global Equity model (suitable for all investors), and a Multi-Asset Class model, designed to generate additional alpha (suitable for Professional and Institutional clients only). We deliver discretionary portfolio management through individually segregated accounts held in your name. This flexible mandate empowers you to complement our core PVM Investment Matrix Portfolio by actively incorporating listed securities of your own selection. PVM Global Equity Long Strategy Type Long Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (31. July) +21% +5.1% Performance over 10 years +103% More PVM Global Multi-Asset Strategy Type Multi-Asset Class Suitable for Qualified Investors Focus Absolute return Minimum Investment 250k CHF 2025 Performance 2026 Performance (31. July) + 26% +8.5% Performance over 10 years +170% More Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of many fundamental variables, designed to identify value opportunities within Global Equities. Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer sentiment or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilise proprietary algorithmic screening, with a high degree of automation, to analyse the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution tools when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns are achieved by taking less investment risk, at higher valuations. Investment Process "We believe that an uncompromising investment process is a key component in delivering consistent returns."