Markets : Negative AI case growing stronger now, Anthropic earnings (VERY shady..), MSFT cutting etc, META fund raising, amazing stuff, China bubble bursting too, France needs to calm down (easely said), UK budget day!, meanwhile Gas prices, diesel, crude are being very uncooperative to the consumers...particularly in europe.. , risk should continue to struggle, USD remains firm(er), squeezing speculators, PM's struggling with USD strength too, although UST yields could well have topped out... META sought to raise up to $97.5bn through common and preferred stock sales, Broadcom arranged a $63bn deal to finance chip purchases and SpaceX signed a roughly $40bn equipment-finance lease, easing recent concerns over funding for the AI build-out..., and MSFT firing a quarter of their staff.....amazing- Microsoft to Offer Buyouts to 60,000 Workers in New Cost Cut, didn't we hear that AI was NOT going to cost jobs ?...While global tech stocks teeter, in China they have already crashed as lofty valuations collapse under worries about AI demand and curbs on Chinese exports Voters are weighing Benjamin Netanyahu's leadership after the 2023 Hamas-led attacks, wars in Gaza and with Iran, and Israel's deepening international isolation Anthropic Publishes IPO Filing: H1 Revenue Up 1300%, Net Loss at $80.7 Billion｜MEKIKI | 情報の先に、本質を見抜く。 Microsoft Opens the Exit Door to 60,000 Staff Days Before Earnings If even them can't make Ai work, or pay for it, it's all about monetizing, eventually, over the medium to long-term...and it ain't going to work for all of them that's for sure Meta Sells Shares to Fund AI Investments Gary Marcus on X: "the negative case against AI gets stronger every day; even Altman admits the problems are very serious with no obvious solution. the positive case, meanwhile, looks weaker every day. a quote from Apollo’s Torsten Slok: “Despite massive investments and widespread hype around" / X Gary Marcus on X: "all you need to know: Anthropic ducked Q3 in its S-1. that omission tells you all you need. demand has drop, economics haven’t gotten worse. and a company that is allegedly built around trust is trying to skirt the truth. —- quote is from @zerohedge https://t.co/BYChNctOrg" / X Nic on X: "Just 2 years ago, Bessent mocked Yellen because she was using short-term bills to finance the government. Well, he's only accelerated that practice & a new IMF paper shows how dangerous that can be. America has relied heavily on short-term borrowing before, particularly in the https://t.co/m22K0dPDJ4" / X Norway wealth fund slightly cautious on equities, tech companies | Reuters France must appease protesters without extra spending, says finance minister John Healey to focus Budget on ‘everyday fixes’ as energy costs bite UBS vor Kahlschlag? Next 10’000 Inland-Jobs gefährdet – Inside Paradeplatz Burglaries soar in Switzerland - SWI swissinfo.ch How energy is becoming a source of industrial advantage - Financial Times - Partner Content by Fortescue HSBC shares slide as results disappoint

Germany Explores stealing properties from Landlords in Berlin and paying them below Market Prices, Bonds Crater (if implemented...this is the end of Berlin as we know it...), Merz of course pushign back, well worth following this story ! Markets : AI CDS, even NVDA CDS ( Thread ), CCC corporate yields UP, yields in general, France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields, EU NatGas prices above euro 90 for 1st time since 2022, crude higher, diesel, VIX, Citadel CEO Ken Griffin says we are "ALMOST CERTAINLY" in an AI bubble >>> Mr market is going to be in a lack oxygen soon (liquidities), beware, risk of a decent sell-off is on the INCREASE US-Iran War Live Updates: Rubio Welcomes Mediation Talks, 'But Final Call With Trump' 1 % of companies represent 90% of AI spending GS says HF's are cutting their tech exposure at the fastest pace in at least 10 years AI stocks now make up 49% of the S&P 500 — the 2nd largest concentration in history, behind only 1880s railroads US housing starts fell 5.2% in Sep to a 1.221 mio annual rate, the weakest in months London's macro hedge fund pain as up to 100 people are out: "Everyone has blown up" UK–EU “Switzerland Plus” Deal: Could Britain Return to the Single Market Without Rejoining? #CRWV That’s nearly $1 billion in real costs erased from view — the same optical surgery Enron and WorldCom performed on their income statements….” US-Iran War Live Updates: Rubio Welcomes Mediation Talks, 'But Final Call With Trump' | Times Now UK–EU “Switzerland Plus” Deal: Could Britain Return to the Single Market Without Rejoining? GBP should continue to do well vs CHF and EURO...it's heading that way, little doubts, never rejoin bit get closer and agree-negotiate bilaterals for the next many decades, it's fine, probably best long GBP vs EURO, as CHF could go bid on any crazy OAT's disaster, middle east or indeed AI wobble Deutsche Bank CEO Sewing Calls French Instability a ‘Wake Up Call’ for Europe - Bloomberg Michael J. Kramer on X: "That's some break out on the Nvidia CDS https://t.co/q2CO2riwGa" / X Russian diesel returns to Turkey, Brazil after export ban lifted, shipping data shows | Reuters Trump envoy tells nervous Gulf allies US can't guarantee security forever US September housing starts 1.221M vs 1.305M London's macro hedge fund pain as up to 100 people are out: "Everyone has blown up" Chamath Palihapitiya on X: "1% of companies represent 90% of AI spending. Of that 90%, 80% of this spend are from unprofitable VC backed companies. So, roughly, $0.70-75 of every dollar of AI spending right now comes from AI companies spending VC investment dollars. As a result, the revenue quality in" / X As CRWV Stock Comes Under Pressure, Cantor Fitzgerald Gives CoreWeave a Thumbs Up Germany investor push faces risk from Berlin landlord seizure plans Special Situations 🌐 Research Newsletter (Jay) on X: "Germany Explores Stealing Properties from Landlords in Berlin and Paying them Below Market Prices, Bonds Crater (this is the end of Berlin as we know it) EUROPE IS DOOMED BEYOND BELIEF IF THIS PASSES On Saturday Die Linke (German Left Party), Greens and SPD in Berlin presented https://t.co/vxnzd8oylX" / X Casey Donaldson on X: "Since 1800, 52 countries have reached gross government debt above 130% of GDP. 51 of them defaulted or inflated their debt away. The one exception is Japan. Japan is currently inflating its debt away. US debt to GDP stands at 121% today. The 130% threshold is not a distant https://t.co/DxG66hJZi6" / X Swiss watch exports rise again in September Daniel Kral on X: "After an initial broad sell-off, markets have started to differentiate among 🇪🇺 govts. Spreads widened again in 🇫🇷 & 🇧🇪, which has a weak backdrop, fractious politics and large consolidation needs, but shrank in South Europe. Bond market is back as the key constraint for govts. https://t.co/1dSe4XRJ5d" / X

Remember when NVDA announced a 'completely' imaginary $500bn Ai infra deal, everyone wrote about it how it was REAL..and now nothing much happening :... good times... >>> Per Bloomberg, Goldman, Blackstone and Apollo have been having "slow progress" on AI data centre debt deals, but Jensen Huang decided to rush out the $500 billion announcement, which has "no obvious provenance." Markets : KOSPI down 4% (https://www.tradingview.com/symbols/KRX-KOSPI/?timeframe=60M), SK AI Elice Group down 30% on it's IPO debut, Brent near $110 as Houthi attacks on Saudi energy, airport and military targets and reported vessel attacks in the Gulf kept a geopolitical risk premium in place. Markets also weighed a US executive order waiving some Russian energy sanctions and tariffs, although a final decision on the measure remained pending, Copper highs, Corn longest losing streak since early 2025 on weak demand, Bank of Japan may raise inflation forecast, stand pat on rates AI debt : CDS volume linked to hyperscaler debt has absolutely EXPLODED. It's up almost 5x since June - near record highs (thread), U.S. bans DeepSeek from government agency systems amid AI rift with China Copper is outshining gold this year. Investors say the rally can survive an AI correction Ed Zitron on X: "Per Bloomberg, Goldman, Blackstone and Apollo have been having "slow progress" on AI data center debt deals, but Jensen Huang decided to rush out the $500 billion announcement, which has "no obvious provenance." So I guess it was all BS then? https://t.co/5V9h5AMpes https://t.co/SGizuAxBGM" / X Hegseth Meets Netanyahu During Surprise Visit to Israel Chinese official says economy resilient but recovery momentum remains weak | Reuters Why copper prices could withstand an AI spending slowdown Shortage of Silver Equities - Tavi Costa Corn Faces Longest Losing Streak Since Early 2025 on Weak Demand - Bloomberg Bank of Japan may raise inflation forecast, stand pat on rates, sources say | Reuters U.S. bans DeepSeek from government agency systems Elice shares plunge 30% on KOSDAQ debut as AI valuations cool Can France break its rising cycle of debt costs? – The Armchair Trader Of course, cut spending, pension reforms (you can't live longer and retire earlier, demogrpahics are pretty simple and clear..) Lisa Abramowicz on X: "A big source of comfort for equity traders has been the solid credit market. But that's been eroding in the past few weeks as corporate bond yields creep higher, particularly among weak companies. Yields on the lowest-rated bonds are now the highest since 2022. https://t.co/pU0mOvSDnA" / X Nic on X: "This shows just how nervous investors are getting about AI debt. CDS volume linked to hyperscaler debt has absolutely EXPLODED. It's up almost 5x since June - near record highs. Spreads are also considerably higher than the Investment Grade index. Insurance is expensive. https://t.co/1mZSf5w0t5" / X Profit warnings from UK-listed firms at highest level in two years as Iran war drives up costs | Profit warnings | The Guardian UBS-Herbstwelle startet brutal: Ü50er – adios – Inside Paradeplatz Did the whole world agree to lose it at the same time??? France and Italy are burning, Albania is on day 6+ of clashes, and the list of countries joining in keeps getting longer. - Investment Watch Blog Why violent protests are sweeping across Europe over living costs

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."

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