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In the past, major technology companies typically bought back their own shares. “Now they are suddenly raising fresh equity and taking out loans on a massive scale,”...this IS a big change, which doesn't seem to bother Mr Market, so far anyway Iran updates : Benjamin Netanyahu said Israel will hold fire in Iran for now, vowing to respond with “great force” if Tehran strikes again. The PM said he told Trump that the Jewish state has a full right to self-defense. Oil edged lower, Markets : OpenAI files for IPO, stocks rebound + yet more talks of ceasefire in Iran and a deal, SpaceX’s IPO is well oversubscribed, people familiar said, Morningstar values it at $65, since the War began on Feb 27th, the S&P 500 (black) is up 7.34%. But the S&P 500 without AI stocks (blue) is effectively unchanged (ALL about AI-see thread), BoJ set to hike on 15th June (all priced now), Steve Eisman is not a SpaceX fan either, it'll be fun that's for sure ! will watch for a far on this one..it's overvalued and not prepared to pay for 'future' parabolic growth on AI.., AND BIG TECHS typically bought back their own shares for years, “Now they are suddenly raising fresh equity and taking out loans on a massive scale,” .. #KOSPI Analysts warn KOSPI could fall another 20% as foreign investors flee the country in the face of domestic and international inflation. In short, the country’s intentional manipulation of memory markets with Taiwan are risking destroying the global economy by record high inflation #Oil When the day comes, the reopening of the Strait of Hormuz will be extraordinary: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production. When it happens, it would go quicker than many think: weeks, not months The Fight to Break China’s Rare-Earth Dominance Moves to a New Front in Brazil. Brazil holds the world’s second-largest reserves and wants to become a processor of critical minerals, but it refuses to choose sides between Washington and Beijing. (WSJ) NZZ : (couldn't agree more, BEWARE!!..)... In the past, major technology companies typically bought back their own shares. “Now they are suddenly raising fresh equity and taking out loans on a massive scale,”...When companies like OpenAI, Anthropic, or SpaceX raise hundreds of billions of dollars in capital through their IPOs, this drains even more liquidity from the rest of the stock market. At the same time, the U.S. government is stimulating the economy through massive new borrowing and the issuance of government bonds with very short maturities, and is also obtaining the necessary liquidity for this on the financial markets. In the next twelve to eighteen months, we’re also facing a so-called “debt wall”: $80 trillion in loans that companies and governments took out at near-zero interest rates during the pandemic now need to be refinanced. “That’s almost twice as much as in normal times and requires additional liquidity,” Trump demands Israel and Iran stand down as new hostilities threaten ceasefire - AOL Analysts Warn: “KOSPI Could Fall as Low as 6,000” - Businesskorea Jim Bianco on X: "Since the War began on Feb 27th, the S&P 500 (black) is up 7.34%. But the S&P 500 without AI stocks (blue) is effectively unchanged. So, the entire S&P 500 Index rally since February has been driven by AI stocks. But look at what happened on Friday, June 5th! The S&P 500 was https://t.co/VYEtOCxWho" / X Why We Think the SpaceX IPO Is Overvalued | Morningstar 'The Big Short' investor Steve Eisman says he's not a fan of SpaceX's IPO due to concerns about its AI business Commodities weekly Energy retreat masks deeper supply concerns as metals shine | Saxo Brace for a Flood of Oil as Soon as the Strait of Hormuz Reopens - Bloomberg China Keeps Buying Gold - Tavi Costa Davos Deadlock: Trump Team, EU, and PLATFORM Hold Talks – Why US Citizens Remain Locked Out | The Guardian Odds of Reform winning by-election 'significantly worse' after Rob Kenyon's BBCQT appearance Anthropic's IPO moment is here, but Wall Street wants more – The Armchair Trader

And it has/will clearly have an impact on sentiment pre and post IPO (if it goes well, all next IPO's will go ok, if not, they probably won't..OpenAi, Anthropic etc), some $55bn sold into the close last Friday by CTA's - most likely making room for this.. >>>> S&P Dow Jones did not change rules to make it easier for SpaceX $SPCX to get fast track entry into the S&P 500 (this after NASDAQ did change its rules – (reminiscent of the times when they changed rules in 2000 ?.. ..why change the rules......? ), meanwhile GS expects SpaceX’s AI revenue to surge 100-fold by 2030, these estimates depend on aggressive AI growth assumptions, pretty crazy valuations, take a stab at it and bet on the future ? look for a dip ‘to take a bet on the future’ ? .. Record‑high valuation and multi‑step markup Private valuation ramped from a few hundred billion to around 1.7–2.0 trillion in roughly 18 months, then IPOs at that peak range.Goldman Sachs Predicts SpaceX Revenue Will Surge 100X By 2030 Retail and index buyers are effectively stepping in after a ~5x private re‑rating, with little room for error on growth and profitability. SPACEX: The Biggest Insider Cashout in Market History? | Professor Of Chart By S on Binance Square SpaceX says it’s worth $1.75tn as it targets largest stock market debut All‑primary IPO but designed for fast insider liquidity later The IPO itself is “all‑primary”: only SpaceX sells shares at the offering, so insiders are not selling in the IPO transaction. However, the structure is set up so that insiders can begin unloading relatively soon after, turning later buyers into their exit liquidity. SpaceX IPO lock-up structure lets most insiders sell shares early Unusually aggressive, staggered lock‑up schedule Instead of a standard 180‑day “no selling” lock‑up, SpaceX uses performance‑ and time‑based tranches. SpaceX insiders will get to sell shares earlier than usual after the IPO After the first earnings report as a public company, insiders can sell up to around 20% of eligible shares, with an extra 10% if the stock is about 30% above IPO price. Additional 7% chunks then unlock at multiple short intervals (around 70–135 days), and more shares unlock after the second earnings report, so a large portion can be sold well before 180 days. Musk locked for a year, others aren’t Elon Musk commits to not selling for roughly 366 days, so he cannot use the early‑release tranches. Most other insiders and early investors can, so tens of billions in stock can hit the market months before his lock‑up ends. SpaceX IPO lock-up structure lets most insiders sell shares early Rule changes to fast‑track index inclusion Nasdaq, Russell and potentially S&P adjust their index rules so mega‑IPOs like SpaceX can be added in weeks instead of many months. S&P refuses to waive rules for megacap IPOs ahead of SpaceX listing (SPCX:Pending) | Seeking Alpha This means index funds and many 401(k) / passive vehicles may be forced buyers shortly after listing, creating built‑in demand against which insiders can sell. Low float plus rapid float expansion The IPO starts with a relatively low free float, which can help the price run up if demand is strong. The staggered lock‑up then quickly increases float as insiders sell, potentially creating a series of supply waves into any post‑IPO enthusiasm. SpaceX IPO lock-up structure lets most insiders sell shares early Retail / index buyers as “exit liquidity” The combination of (a) extreme valuation, (b) fast index inclusion, and (c) early insider unlocks is framed as using retail and passive capital as exit liquidity for early investors. If growth or margins disappoint, late buyers could be left holding a highly priced, capital‑intensive and still loss‑making business while insiders have already sold a meaningful slice. Narrative vs. fundamentals risk The IPO is marketed on a huge TAM — rockets, launch, Starlink, AI — and “generational” status, but at >100x sales and ongoing large losses, the margin for execution errors is tiny. The thread’s core claim: even if SpaceX is an amazing company long‑term, the IPO structure and timing are optimized for insiders, not for new public investor SpaceX IPO at $750B: Should You Buy In? [2026]

Iran updates : Trump pleads with Netanyahu after horror airstrikes on Iran war's 100th day... (widening gap between US and Israel..), A White House official is now reportedly saying Trump made a "fundamental miscalculation" when it comes to Iran. For months, Trump has been saying a deal with Iran was close. Just today, he said Netanyahu would have "no choice" but to accept a U.S.-Iran agreement and insisted the negotiations were still on track. Then Iran launched another major missile attack. Then Israel responded with more strikes. Now, according to this official, the administration is admitting it fundamentally misread how Iran would behave>>> This is the first time in decades that a regional power has the means, capacity, and willingness to put hard power against Israeli military manoeuvers or aggression against a third party!.. Markets : so finally QQQ comes back to a little bit of reality, plenty of 'worse day YTD', ok but a reminder NASDAQ has gone up some 30-35% since early April !, plenty of crowded trades hammered, URA, Precious metals, Gold miners, very decent liquidatin of owned positions, preparing for the biggest IPO ever, it has been reported that CTA's sold some $55bn on Friday into the close. KOSPI (South Korea is the ultimate leading indicator for global growth...and equity valuation madness lately...), NIKKEI which have had a bombastic run up, also have come off fairly sharply.. >>> beware MOMENUM, clearly turned, and NO wonder.. as discussed last week, it happens after NASDAQ changed rules for the SpaceX IPO.. ! ... not good...and duration, UST yields up too, 10's 4.57%, there was no hiding after a strong NFP on Friday (+170K) #USDJPY Japan sold some 73bn USD not long ago, and here we are, back to same lev The worst possible welcome gift for a new Fed Chair Kevin Warsh is already facing his first major inflation shock CPI jumps to 4.1%. Highest in 3 years Core CPI jumps to 2.8%. Highest in 9 months Trump wanted rate cuts Warsh wanted rate cuts Inflation just said: not happening!... not a friendly outcome for markets either #QQQ Israeli military launches retaliatory strikes on Iran after Tehran attacks northern Israel - follow live - BBC News Trump pleads with Netanyahu after horror airstrikes on Iran war's 100th day - AOL A White House official is now reportedly saying Trump made a "fundamental miscalculation" when it comes to Iran. For months, Trump has been saying a deal with Iran was close. Just today, he said Netanyahu would have "no choice" but to accept a U.S.-Iran agreement and insisted the negotiations were still on track. Then Iran launched another major missile attack. Then Israel responded with more strikes. Now, according to this official, the administration is admitting it fundamentally misread how Iran would behave Trump lost it, and stormed out.....worst meltdown ever... 'I've had enough': Donald Trump loses temper, throws mic, walks out of interview when asked about false election fraud claims, what exactly happened? 'Clown' Pete Hegseth branded a 'disgrace' for anniversary D-Day speech in France - AOL Nasdaq Suffers Sharpest Drop Since April 2025 as Chip Stocks Lose $1.3T Starmer hosts Zelensky and French and German leaders for talks on Ukraine - AOL #JPY Bull Theory on X: "BREAKING: The Japanese Yen just hit 160 against the dollar again, the same level Japan spent $73 billion trying to defend earlier this year. It did not work and The yen is back at 160. A weak yen is a direct inflation crisis for Japan. The country imports nearly all of its https://t.co/8e9TMVM39p" / X Banks Lay Groundwork for Mass Workforce Cuts as AI Takes Hold - Bloomberg Switzerland faces new US tariffs over forced labour concerns - SWI swissinfo.ch Switzerland will not join EU Copernicus scheme in coming years - SWI swissinfo.ch For most of the war, Ukraine couldn’t touch it. This week its drones reached the heart of Putin’s Russia — twice EndGame Macro on X: "The KOSPI Shock Is A Warning About Crowded AI Trades The KOSPI’s 8.4% opening plunge is a forced repricing in a market that had become one of the cleanest global expressions of the AI and semiconductor trade. South Korea is not trading like a broad, neutral equity market right" / X

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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 Only Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (31. May) +21% +5.1% Performance over 10 years +102% 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. May) + 26% +3.6% 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.