Debasement trade is back on, GOLD, BTC etc.. Bessent: "Our message to our allies, our trading partners, is that global growth is the way to take care of this mountain of debt" >>> don’t know about you, but the more I listen to Bessent—and genuinely try to understand what he is saying—the more it comes across as desperation: talking endlessly about anything and everything, while mumbling through it all with his rather smug face, losing the market's respect... US Treasury Secretary Bessent: There's a very good chance we have seen a peak in the fiscal deficit ... (Bookmark this one!)... Markets : 'the' trade ''Long gold/ short @SecScottBessent'' and/or the return of the 'debasement trade', by the way the U.S (not only..) will NEVER repay the huge amount of debt, debt is repaid by 'inflation', GOLD is real value, fiat currencies-money debases, not sur anyone can stop this... OWN GOLD (silver, PLAT, PALL..etc..), #BTC up on U.S. Treasury Department proposes GENIUS Act stablecoin rule, UK consumer confidence improves, crude on 1month high too not helping the inflation outlook + commods rally, copper etc.., #USD ''debasement'' trade more real than ever, again...It's either the bond market you protect or the currency... the USD is the natural release valve IMHO... Gold, the first battle of critical minerals war begins! The United States imposes sanctions on Chinese gold companies, and the China Gold Association solemnly declares The price of a pound of ground beef is close to $7/lb..sky is the limit ! Jeff Currie : Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it / Thread Stan Druckenmiller told Scott Bessent exactly what it would take to stop Washington from spending: "the clowns in Washington - unless they get a signal from the bond market, they're just going to keep spending" - video Texas has now halted up to 1,800 data center projects Switzerland, China agree on a trade deal giving 99.8% of Swiss exports duty-free access to Beijing Treasury yields rebound, wiping out the decline following Bessent's intervention ''band-aid on a bullet hole'.... Scott Bessent takes on bond vigilantes in $32tn Treasury market US long-term bonds slide as Bessent intervention fails to soothe investors Treasury Announces Marketable Borrowing Estimates | U.S. Department of the Treasury Сarm1ne on X: "Stan Druckenmiller told Scott Bessent exactly what it would take to stop Washington from spending: "the clowns in Washington - unless they get a signal from the bond market, they're just going to keep spending" this is him explaining the arithmetic nobody runs on corporate https://t.co/qvll2IV8Ky" / X China Gold Association strongly opposes U.S. entity list move, denies forced labor allegations-Xinhua Megatron on X: "🇺🇸🇨🇳 The Chinese are now making fun of the US financial situation and the massive $40 trillion debt https://t.co/TJH72SepYR" / X U.S. Treasury Department proposes GENIUS Act stablecoin rule James E. Thorne on X: "Ignore Bessent at Your Peril Machiavelli’s central lesson of statecraft was simple: dangers seen from afar can be managed; dangers ignored until they are obvious become unmanageable. Wall Street should apply that rule to Scott Bessent. Ignore him at your peril. The bond market https://t.co/BBVzxhPnZc" / X This is fiscal dominance with a digital dimension. Treasury increasingly sets the incentives; the Federal Reserve reacts within constraints shaped by debt service, market functioning and dollar strategy. Wall Street keeps parsing buybacks, currency intervention, stablecoin legislation and Bitcoin as unrelated events. They are not. Debt is the constraint. Yield management is the response. Digital dollars are the distribution channel. And Bessent is defining the rules. The Return of the Debasement Trade - Robin J Brooks Where commercial real estate demand is highest, according to NAR data Hedgeye on X: "The price of a pound of ground beef is close to $7/lb. https://t.co/XKeFGk9jpS" / X Jeffrey Currie 🆔++ on X: "Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it. Scarcity in the physical world. Repression in the financial one. Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement. Commodities are the" / X Kazakhstan and Kyrgyzstan Give Conflicting Accounts of Four-Country Blackout - The Times Of Central Asia Consumer Confidence Climbs As Retailers Await Burnham's Budget New Texas data center projects frozen until state audits them Alibaba shares fall 5% as AI spending drives 75% drop in net income Nvidia Plots China Comeback With New AI Chip — The Information Switzerland, China agree on a trade deal giving 99.8% of Swiss exports duty-free access to Beijing | Today News

$ 40'000'000'000'000 the U.S made it ! winning !, and just in time, as if by magic... in comes YCC some kind of QE, with crude prices still high(er), risk of inflation remains, and risk of FED tightening, particularly is the USD weakens sharply, at some point Markets : This looked like a 180 degree turnaround from new FED man Warsh !!... pretty significant event !...kind of papering the cracks (keep spending, keeping a lid on long-end #duration while having to potentially hike), the beginning of the end game, the USDollar should get battered really...(it is the release valve..) >>> Government bonds recovered on U.S treasury announcement (YCC!..), USD weakens, PM's take off and risk likes it broadly speaking, as you would expect!.., crude remains elevated though (infl risk), FED minutes 'divided', Oz labour market softens, China leaves rates unchanged.. OpenAI’s Q2 sales show Tepid growth compared with Anthropic Trump’s Plan to Squeeze Iran’s Economy Will Live or Die in Dubai. The United Arab Emirates, long Tehran’s gateway to global commerce and finance, has pledged to crack down. But it’s complicated...! US debt crosses $40 trillion threshold after doubling under Trump and Biden. Total U.S. debt has topped $40 trillion for the first time, drawing fresh warnings that a fiscal crisis is ​brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts Samsung hikes chipmaking prices by up to 15% on demand spike Evergrande founder Hui Ka Yan sentenced to life in prison Trump bemoans Fed interest rate policy, says U.S. should be paying much less The Kobeissi Letter on X: "What the government is doing now is the equivalent of holding a 30-year mortgage at a 3% interest rate and refinancing it into a 4% one-year adjustable-rate mortgage. In other words, you are replacing longer-term, lower-cost debt with shorter-term, higher-cost debt. Now apply" / X US Treasury Just Doubled Size Of Liquidity Support Buyback — El-Erian Says Move Is More About Possibility Of Broader Deployment Of Yield Curve Control — TradingView News Why markets calls it QE : US yield curve twists expose Trump's and Bessent's rate dilemma | Reuters Trump’s Plan to Squeeze Iran’s Economy Will Live or Die in Dubai - tovima.com US national debt crosses record $40 trn, five months after it hit $39 trn | World News - Business Standard Fed July 2026 FOMC minutes: rate hike debate details Samsung hikes chipmaking prices by up to 15% on demand spike, sources say | Reuters The Spectator Index on X: "BREAKING: Trump threatens the 'MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY' against Iran. https://t.co/HXHTq3xgrH" / X '''If he tries secondary sanctions China will respond aggressively and the American financial markets will collapse much more rapidly. If he doesn’t try secondary sanctions people will ignore this post like they ignore the others''' (2) Andy Constan on X: "The fact that the buyback increase "ends" the day after the election is funny for sure but those posting about it are dopey. The date was chosen because that's the next QRA. At that point the treasury can continue to protect the long wnd more directly by cutting auction" / X Goldman studied where AI is squeezing labor markets. Here's what it found Evergrande founder Hui Ka Yan sentenced to life in prison Exclusive | OpenAI’s Second-Quarter Sales Show Tepid Growth Compared With Anthropic - WSJ First mover advantage weakening...! Сarm1ne on X: "Stan Druckenmiller told Scott Bessent exactly what it would take to stop Washington from spending: "the clowns in Washington - unless they get a signal from the bond market, they're just going to keep spending" this is him explaining the arithmetic nobody runs on corporate https://t.co/qvll2IV8Ky" / X

Fed minutes in focus: Investors will scrutinise the minutes from the Fed's latest meeting for signs of how policymakers are balancing persistent inflation against a cooling labour market. Markets currently price around a 35% probability of a Sep rate hike Iran update : Trump takes Iran hard line as Hormuz tensions set new normal Markets : crude firmer yet again Brent +$90, bond yields a little softer overnight 10's UST 4.68%, China just saw its largest monthly decline in bank loans in AT LEAST the last 6 years ('households deleveraging cycle!!¨¨ , property prices down 30-50% since 2019 record highs, record low yields etc.. / Thread) U.S Pending Home Sales fall to 2nd lowest level in history & Private Credit Percentage of loans from borrowers that have stopped paying or are on the brink of default is at its highest level in a decade (charts below), PHP hits an all time lows vs USD, THE AVERAGE AI TOKEN PRICES ARE NOW DOWN OVER 50% OVER THE LAST 3 MONTHS (good for users, should be negative for stock prices of related companies..) >>> few selling-hedges put on last 2 days in QQQ as UST yields hit new slight higher highs and USD rallied, all small moves, but reversed overnight The AI boom is starting to reshape the global bond market itself - FT (already has..) Gold standard is reborn amid central bank surge Germany’s 12mth rolling trade deficit w/China has blown out to a record €102bn (Thread) - once upon a time Germany exported card to China, now reversing!).. UK inflation accelerates: CPI rose to 2.9% in July from 2.6% in June, driven largely by higher energy costs, increasing pressure on the Bank of England and potentially limiting the scope for further rate cuts Gold standard is reborn amid central bank surge - TheStreet #USDPHP https://tradingeconomics.com/philippines/currency UK inflation hits four-month high as energy bills reignite interest-rate risk Trump says no Iran talks planned as Hormuz tensions rise Shanghai Macro Strategist on X: "The year 2026 marks the official beginning of Chinese households’ deleveraging cycle. The definitive end of the household debt supercycle lies at the heart of the secular weakness in consumption—and, by extension, the prolonged decline in consumer-oriented equities. https://t.co/Sj5F1igiuB" / X Nic on X: "The ECB is worried about the AI bubble. Not because of Europe's stocks. Because of America's. Euro area households hold ~€440B in US tech, mostly via ETFs they think are diversified. If the Mag7 corrects, redemptions force funds to sell, deepening the crash. A US AI fallout https://t.co/BGyh5Z0uOa" / X Holger Zschaepitz on X: "Good Morning from Germany, where the China shock is becoming a serious industrial threat. Germany’s 12mth rolling trade deficit w/China has blown out to a record €102bn. At the same time, China is exporting more than 1mn cars a month, while weak domestic demand forces its https://t.co/zR3fSf2oUb" / X Foreign holdings of US Treasuries fall in June, led by Japan, UK, China, data shows | Reuters 'Business Becoming Difficult As Memory Prices Climb 500% In 12 Months': Sridhar Vembu How Small Businesses Can Control AI Spending with Token-Based Pricing | BizTech Magazine Christophe Barraud 🇫🇷 🇲🇨 on X: "📈 The AI boom is starting to reshape the global bond market itself - FT *Hyperscalers are now issuing huge amounts of debt, at the exact same time governments already have enormous financing needs. 💰 Amazon and Alphabet issue bonds in both dollars and euros while the https://t.co/UsW2AcV629" / X Barchart on X: "BREAKING 🚨: China China just saw its largest monthly decline in bank loans in AT LEAST the last 6 years 📉 📉 https://t.co/Vp5wrgQXW6" / X Barchart on X: "Pending Home Sales fall to 2nd lowest level in history 🚨 🚨 https://t.co/sY7nS5yOCW" / Barchart on X: "BREAKING 🚨: Private Credit Percentage of loans from borrowers that have stopped paying or are on the brink of default is at its highest level in a decade 🤯 👀 https://t.co/sOPdHt5mYs" / X

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."

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