Europe is finding itself sandwiched from all sides when it comes to refined products — diesel in particular (some of the damage is due to the US-Iran war; some is due to Ukraine-Russia; some is due to China, and a lot is self-inflicted). Policy response: Head in the sandAmazon seeks to shift about $8bn of NVDA's chips off its balance-sheet, and lease them back with investors providing financing (CoreWeave did the same, same as hyperscalers do, NVDA finances companies to buy NVDA chips..and these companies hige the debt in SPV's..>>> This is most-desperate thing 'ever'..but so 2026 !... Markets : 'Welcome back,’ says Macron, as British PM opens door to EU return (repeat..won't happen, can't happen, but closer to EU, bilaterals type scenario, sure is a 'must'), US tells France and Germany to release diesel stocks or face US export ban, Fed’s Lorie Logan said rates need to rise to fully cool inflation, suggesting US yields may also help slow the economy, Investors dumped the BlackRock Mortgage Bond ETF last month at the fastest pace in history, surpassing the Global Financial Crisis and Covid, bank continue to weaken (GS is now 20% off highs-for example), JPN Inflation 2.7% (exp 2.3% - BoJ's target blown through) >>> French bonds a clear issue for EURO going into 2027, bond market sell-off beginning to really hurt, and repricing of risk buckets happening (heavily geared companies in big struggle), clear 'risks' going into Q4 2026.. (diesel, Middle east still, hyperscalers 'off-balance-sheet' deals, plenty of elections coming up, with Brazil first round this weekend, US med-terms soon ! andof crouse France next year US deploys more troops | The Pentagon will deploy 10,000 more troops and a third aircraft carrier to the Middle East, | Iran is preparing a broader and more forceful response if the United States resumes large-scale military attacks Japan’s prime minister says her policies will boost confidence in the yen after U.S. intervention falls short Amazon seeks to offload $8 billion of Nvidia chips to investors, FT reports | Reuters US won't 'sit there and take' overproduction from China: USTR Greer - Nikkei Asia France: Student protests over conditions at French high schools fuel political clashes French bond spreads widen as OAT market pressure intensifies EU nations to hold emergency meeting on soaring diesel prices amid US pressure - CNA Brazil election: U.S.-China rivalry and government debt loom large CNBC Daily Open: Bond yield whiplash grips global economy Andy Burnham's 'big gamble' to put London back at heart of Europe after Brexit blunder | The Standard Bargain Britain lures foreign buyers as hostile takeovers surge Merz accuses Russia of supporting Germany's far-right AfD | RBC-Ukraine Japan: Yen valuation is a problem, intervention efforts disappoint Tokyo core inflation rate jumps in September, bolsters case for more BOJ hikes | Reuters South Korean President Lee warns of 'measures' against Ukraine Bond markets give France a whacking for fiscal irresponsibility Sir Alex Ferguson on brain haemorrhage and games that shaped his life - BBC Sport ‘Wrongdoing’ at Manchester City should lead to ‘appropriate consequences’, says Downing Street | ITV News Granada Swiss gas sector views coming winter with concern - SWI swissinfo.ch

Amazon seeks to shift about $8bn of NVDA's chips off its balance-sheet, and lease them back with investors providing financing (CoreWeave did the same, same as hyperscalers do, NVDA finances companies to buy NVDA chips..and these companies hige the debt in SPV's..>>> This is most-desperate thing 'ever'..but so 2026 !... The 10-year Treasury yield topped 5.33%, the highest since 2002. U.S national debt in 2002 was just $6 trillion. Paying 5.33% on that entire amount would cost $319.8 billion annually. On today’s $40.1 trillion debt, it would cost $2.14 trillion annually—more than Social Security..... real bigly issue! Markets : 'Welcome back,’ says Macron, as British PM opens door to EU return (repeat..won't happen, can't happen, but closer to EU, bilaterals type scenario, sure is a 'must'), US tells France and Germany to release diesel stocks or face US export ban, Fed’s Lorie Logan said rates need to rise to fully cool inflation, suggesting US yields may also help slow the economy, Investors dumped the BlackRock Mortgage Bond ETF last month at the fastest pace in history, surpassing the Global Financial Crisis and Covid, bank continue to weaken (GS is now 20% off highs-for example), JPN Inflation 2.7% (exp 2.3% - BoJ's target blown through) >>> French bonds a clear issue for EURO going into 2027, bond market sell-off beginning to really hurt, and repricing of risk buckets happening (heavily geared companies in big struggle), clear 'risks' going into Q4 2026.. (diesel, Middle east still, hyperscalers 'off-balance-sheet' deals, plenty of elections coming up, with Brazil first round this weekend, US med-terms soon ! andof crouse France next year FRANCE, French bonds hammered, Gilets jaunes likely to reappear in force, CDS to 15y highs, a clear nightmare scenario going into election next year.. (you think is bad ?.. this is a lot worse) US deploys more troops | The Pentagon will deploy 10,000 more troops and a third aircraft carrier to the Middle East, | Iran is preparing a broader and more forceful response if the United States resumes large-scale military attacks Europe is finding itself sandwiched from all sides when it comes to refined products — diesel in particular (some of the damage is due to the US-Iran war; some is due to Ukraine-Russia; some is due to China, and a lot is self-inflicted). Policy response: Head in the sand Japan’s prime minister says her policies will boost confidence in the yen after U.S. intervention falls short Germany’s Friedrich Merz said the opposition AfD is backed by Russia, without providing evidence. The chancellor accused Moscow of seeking to divide the country Amazon seeks to offload $8 billion of Nvidia chips to investors, FT reports | Reuters US won't 'sit there and take' overproduction from China: USTR Greer - Nikkei Asia France: Student protests over conditions at French high schools fuel political clashes French bond spreads widen as OAT market pressure intensifies EU nations to hold emergency meeting on soaring diesel prices amid US pressure - CNA Brazil election: U.S.-China rivalry and government debt loom large Barchart on X: "Investors dumped the BlackRock Mortgage Bond ETF last month at the fastest pace in history, surpassing the Global Financial Crisis and Covid 🤯 👀 https://t.co/jZwH2o54ro" / X Barchart on X: "Small Cap Stocks $IWM - It's Now or Never 🚨 🚨 https://t.co/wKUqKSdlOS" / X CNBC Daily Open: Bond yield whiplash grips global economy ‘Welcome back,’ says Macron, as British PM opens door to EU return | The Straits Times No 10 gathering evidence on public support for UK rejoining EU | Brexit | The Guardian Andy Burnham's 'big gamble' to put London back at heart of Europe after Brexit blunder | The Standard Bargain Britain lures foreign buyers as hostile takeovers surge Merz accuses Russia of supporting Germany's far-right AfD | RBC-Ukraine Japan: Yen valuation is a problem, intervention efforts disappoint Tokyo core inflation rate jumps in September, bolsters case for more BOJ hikes | Reuters South Korean President Lee warns of 'measures' against Ukraine Bond markets give France a whacking for fiscal irresponsibility Public workers in France strike over pay as student protests turn violent | Protests News | Al Jazeera Sir Alex Ferguson on brain haemorrhage and games that shaped his life - BBC Sport Make it count, League 2, management, board, coaches, player's agents, they all knew all or part of it... it's been going for over 10years, and a lot more over this summer again! ‘Wrongdoing’ at Manchester City should lead to ‘appropriate consequences’, says Downing Street | ITV News Granada Swiss gas sector views coming winter with concern - SWI swissinfo.ch

Burnham clears path to EU summit with post-Brexit breakthrough. UK and Brussels to go ahead with key November meeting after agreeing to kick talks on industrial subsidies into next year - we have been long/positive on GBP for a few months (on valuation), let's see how far we can go now on this confirmation #GBP #GBPCHF (he's probably setting up an election for middle of next year...) Markets : FTC opens sweeping probe of Anthropic, OpenAI and other super SI - intelligence models - NY Post (why do you think they all met with Trump day before..), Almost 60% of S&P 500 stocks are trading below their 200-day moving average, the weakest market breadth since May 2025, stocks boosted by MICRON results last night, BOJ debated more rate hikes, scope for faster move at Sept meeting >> UST rates did NOT stay down long after weak PCE yesterday !.. USD back on firmer side, GBP shoudl continue to be underpinned by EU talks and Summit in Nov..!, risk overall should or could well have a correction lower and struggle in Q4 (yields beginning to seriously bite, debt repriced -Oracle and many others >>> Global bond sell-off deepens-FT-Thread and chart below) Iran says it receives US response to latest proposal | Iran said it had received a US response to its latest proposal to resurrect the ​collapsed ceasefire in the Gulf, days after President Donald Trump said he had rejected it, Bank of England’s Taylor: No need for interest rate hike PGIM caps AI-related debt exposure at 15% in CLOs, signalling institutional caution on tech lending..! ...credit warnings leading equity markets ... Gold is negatively affected by “real rates”, but that mantra falls apart if rates rise enough to crush a government’s ability to pay the interest on its debts without printing enormous amounts of fiat. I’ll dare to suggest that 7% is the number where the Gold-rates mantra dies & a new debt-rates mantra comes to life. Some pundits are currently suggesting that AI brings an existential threat to humanity. That’s theoretically possible, but what’s much clearer is that 7%-10% rates are an existential threat to most governments of the world. ~ Stewart Thomson THIS ANTHROPIC IPO IS THE MOST DANGEROUS DEAL I'VE SEEN IN MY 45-YEAR CAREER / Thread (FWIW couldn't agree more..), Anthropic's IPO pitch embraces AI's promise and peril Russia warns NATO it could use nuclear weapons over Kaliningrad Burnham clears path to EU summit with post-Brexit breakthrough US goods trade deficit widens sharply in August | Reuters Bank of England's Taylor: No need for interest rate hike Bank of England Warns $450 Billion AI Debt Surge Could Trigger Financial Market Crisis - The420.in Financial Times on X: "Global government bond markets came under renewed pressure as yields in Japan and Australia approached multi-decade highs following a sell-off that pushed US Treasuries to their worst month in four years. https://t.co/pv8xHPwXW4 https://t.co/78rm4UFrAI" / X BOJ Shifts Policy Focus to Anchoring 2% Inflation After September Rate Hike | MarketScreener Rubio ordered Iranian delegation to leave the country after negotiations stalled Fed's Kashkari says inflation is 'still too high' even after softer-than-expected PCE data China–Taiwan Invasion Timeline | Stephen M. Walker II Russia warns NATO over Kaliningrad nuclear weapons | AnewZ PGIM caps AI-related debt exposure at 15% in CLOs, signaling institutional caution on tech lending Micron (MU) Q4 earnings report 2026 Clash Report on X: "French President Macron: Welcome back, if the British want to return. The British have always been demanding partners, but our bilateral relations have continued on issues such as defense, security, immigration and many strategic matters. I think it would be a good decision, https://t.co/FEtCFs5vhT" / X George Noble on X: "THIS ANTHROPIC IPO IS THE MOST DANGEROUS DEAL I'VE SEEN IN MY 45-YEAR CAREER And its own IPO filing tells you why: The prospectus warns that its AI models could resist being shut down and could hide or manipulate information. If you run security at a big bank, that's the last https://t.co/U0ZSIZljfr" / 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 (30. Sept) +21% +6.3% Performance since Jan 2016 +109% 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 (30. Sept) + 26% +13.4% Performance since July 2015 +194% 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."

Pure Value Metrics is a Global Asset Manager based in Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors. Unique Relative Value investing supported by detailed balance sheet analysis Pure Value Metrics Switzerland For Swiss and International Clients, we provide comprehensive tailored asset management and innovative multi-family office services, including trusts. We facilitate multi-generational capital appreciation solutions. PVM is a Swiss based asset manager for Global Markets, with a unique Investment Matrix dynamic portfolio selection process, which involves targeting single value stocks and then taking a deep dive into their balance sheets for financial robustness and then assessing their relative value both against their competitors and themselves, to determine the investment entry and exit point. Latest Monthly Client Report PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog Burnham's big EU summit coming up in Nov! #GBP ! / Global bond markets sell-off, credit markets warnings equity world Crude softer=Fixed Income relief 'rally', USD softer, GOLD higher, USDJPY back lower / UK's Burnham open door to EU AI leaders meet Trump, as Anthropic >> OPENAI >> NVDA / JPN-U.S coordinate on JPY / Germany-EU budget ultimatum Media Apperances Please reach out to discuss your requirements Contact us / Visit our office