Markets : #USD ''The US will sacrifice the dollar to save the bond market. It doesn't matter who is in power or how tough they act... When push comes to shove, they will always choose to print to save the bond market'' Greenspan and any of his successor.., Oil’s war premium is unwinding again, Brent has dropped almost 9% in 4 days as the market increasingly prices a US-Iran exit ramp, The Fed’s preferred inflation gauge, Core PCE, came in at 3.7% YoY, and GDP was 1.5% QoQ (so slow...and inflation is high-er still...), NVDA rallies on strong results (AI-fueled sales surge to extend into 2028), Bank of Korea lift rates to 3% (+25bps), US Diesel supplies hit 23y lows as demand season looms, Wheat his a 3y high as Russia prepares to escalate war, Europe’s gas stores are running low — and prices could top 100 euros this winter Trump plan to raise borrowing limit on shaky ground as debt roils bond market Qatar is forecast to contract 8.6% in 2026, steepest decline among GCC states, Iran and Oman agree to share Strait of Hormuz revenue #debasement trade : Jeffrey Currie: I can see $10,000 gold and $300 silver #crude The idea that the US government decides what oil prices do and uses trading firms to implement it is ludicrous in a 5 billion barrel daily paper market / Thread, and Morgan Stanley has RAISED its 4th quarter Brent crude oil forecast to $100/bbl German Chancellor Merz: "We have to get out of this climate of gloom and frustration" OpenAI’s Jalapeño AI chip brings new ‘threat’ to Nvidia margins Why Did John Ratcliffe Go to Moscow? Despite Trump’s claims, the CIA director’s visit was anything but routine. It might be a sign that Putin is getting more dangerous From escalation to exit ramp why oils war premium is unwinding again | Saxo Jackson Hole could trigger dollar, bonds sell-off, market watchers say Ranked: Which Countries Hold the Most U.S. Debt? Nvidia makes bold $108B promise in blockbuster earnings, but issues a warning - TheStreet OpenAI Jalapeño AI chip challenges Nvidia in inference Qatar's Economy to Contract 8.6% This Year What the CIA Director’s Mysterious Trip to Moscow Could Mean - The Atlantic Bank of Korea raises rate to 3% in first consecutive post-pandemic hike Merz Targets 1% Growth As Germany Moves To Revive Economy – Arise News U.S. Diesel Reserves Sit Near 23-Year Lows | OilPrice.com SK Gas pays record $5.3m to jump Panama Canal queue - Splash247 Europe’s gas stores are running low — and prices could top 100 euros Rising debt concerns threaten Trump plan to raise borrowing limit through 2029 Kazakhstan and Kyrgyzstan Give Conflicting Accounts of Four-Country Blackout - The Times Of Central Asia Always ...In gold we trust. My latest on the dollar debasement trade Gold is on a tear – and its easy to explain why Michael Pettis on X: ""China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today." As Chinese debt" / X Lukas Ekwueme on X: "Jeffrey Currie: I can see $10,000 gold and $300 silver. The main driver is the debasement trade. The war has fooled us into believing that inflation is bearish for gold and silver because of the fear of higher interest rates. But Bessent's/Warsh's actions proved what I have https://t.co/Bnydw0O7Xc" / X Barchart on X: "Wheat soars to highest price in more than 3 years 📈 📈 Goodbye sandwiches 🥪 😭 https://t.co/MuEtBK2PY3" / X

Markets : NVDA earnings after the bell, expect a move up to +/- 7%, U.S. Banks are currently facing unrealized losses of $326.7 Billion, Iran and Oman prepare Hormuz deal as US holds back on secondary sanctions, Bessent’s bond intervention puts US Treasury on collision course with Fed. Increased purchases of debt threaten to undermine central bank chief Kevin Warsh’s bid to tame inflation. (FT), Meta, US states have discussed settling teen social media harm case, ECB's Schnabel Says Rates Must Rise More on Resilient Economy, $70bn 5 year UST auction today, details live later on here Live US Debt Monitor >>> NVDA earnings + Jackson Hole are both events that have been known to move markets ! China ramping up Fiscal Stimulus in 2H to secure growth/Shanghai Securities News, China's central bank is injecting 500 billion yuan into its banking system to fund government bond sales, more liquidities.. Chipmakers are increasingly using their own balance sheets to help customers keep buying more and more compute and broadcom is becoming a textbook example - Bloomberg >>> how long can this circular economy continue at this pace..!!.. SEC reportedly subpoenas Wall Street banks over AI hedge fund Situational Awareness’s near collapse AI-generated music will be excluded from Australia’s music charts Iran and Oman prepare Hormuz deal as US holds back on secondary sanctions ECB Likely to Raise Interest Rates Further Amid Inflation Risks President Trump's approval drops to 33 percent as midterms approach ''Seen through that lens, every “gymnastic” of the past month is the same policy: keep the pawn shop open, liquid and cheap'' Andreas Steno Larsen on X: "Explainer: Why Bessent cannot stop talking about repo markets (and why YOU should care) " / X Meta, states have reportedly discussed settling teen social media harm case EU records first trade deficit since 2023 | Euractiv Reports: SEC subpoenas banks over Situational Awareness blow-up How Canada could hit back to hurt the US economy - and Trump Eurointelligence | Geopolitics and economics from a European perspective Christophe Barraud 🇫🇷 🇲🇨 on X: "🇨🇳 #China to Ramp Up Fiscal Stimulus in 2H to Secure Growth: Report - Shanghai Securities News ➡ China’s fiscal stimulus is set to ramp up in 2H — with ample headroom for further policy support — as Beijing moves to expedite fiscal spending and revive domestic demand, the" / X Nvidia shares set for $280 billion price swing after earnings, options show | Reuters Tungsten West Secures Proposed £71m UK Government Funding For Hemerdon Restart The UK government have backed a strategic mining asset... finally..but well done Barchart on X: "BREAKING 🚨: U.S. Banks U.S. Banks are currently facing unrealized losses of $326.7 Billion 🤯 👀 Losses have grown each of the prior 2 quarters https://t.co/PB8xMtbc86" / X

U.S. Corn Belt farmers face cost surge as Iran war deepens grain sector crisis Druck's message to Bessent : you making a mistake by buying back bonds >>> "Anyone who says we don’t have to cut entitlements is lying. We can either cut them now or we’re going to cut them later. But if we cut them later, it’s going to be much more painful." >>> take the pain pill now, or it'll be a lot worse later on..! >>> thing is it probably won't happen, spending cuts never won any party any election, Wall Street guys don't want to face reality, calling for cuts that will never happen...! the living standards will adjust via a USD readjustment, the whole exercise is not too different than Yellen cutting coupon which they will probably do, private sector, banks will be 'force' to soak up bill issuance.. Markets : Bessent is wrong, as discussed laely (the maths don't add up).., but he can keep doing it for a while and push back the 'endgame' for a little later, probably, 10's UST's still 4.7%!.., Germany's 10-Year Yield is at its highest level in more than 15 years, BTC 80K (the debasement response was pretty immediate..), S&P 500 dividend yield falls to lowest level in history, Uranium hits highest price in almost 7 months, Chinese Stocks are approaching their worst underperformance relative to the S&P 500 in history (opportunity) >>> overall equity markets holding up (NVDA earnigns and Jackson Hole - 2 big events ahead could trigger volatility), USD to stay offered, GOLD, BTC up etc Iran sanctions threat falls flat: the Trump administration warned countries to sever business ties with Iran or face secondary penalties in what it billed as an "economic D-Day," but Washington stopped short of imposing any measures or naming targets, leaving markets largely unmoved >> more show than tell, for now anyway German investigators find third drone and suspected explosives at Leipzig/Halle Airport, local media says US Treasury buybacks a 'mistake' costing credibility, says Druckenmiller - AOL Nick Timiraos on X: "Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally. "I have spent five decades trading on a simple premise: Markets aggregate information no committee" / X Barchart on X: "S&P 500 dividend yield falls to lowest level in history 📉 📉 https://t.co/xFBmcUXtto" / X Uranium - Price - Chart - Historical Data - News U.S. Corn Belt farmers face cost surge as Iran war deepens grain sector crisis Barchart on X: "BREAKING 🚨: China Chinese Stocks are approaching their worst underperformance relative to the S&P 500 in history 📉 📉 https://t.co/4LpKPMQVg9" / X China says its cooperation with Iran should not be disrupted Trump targets Iran’s trade lifelines — here are the countries most exposed What the renewed Black Sea blockade means for Ukraine’s farmers - France 24 German investigators find third drone and suspected explosives at Leipzig/Halle Airport, local media says | Euronews

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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."