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

Macron condemned “unbridled” violence, vowed an “uncompromising” response and said prefects and mayors would get powers to ban gatherings Markets : U.S. budget deficit swells to almost $2 trillion for fiscal 2026, BOJ chief says underlying inflation 'quite close' to price goal, China’s economy grows 4.5%, Macron slams failures over protest unrest, European diesel prices are absolutely exploding... Diesel is trading at almost $193/barrel, while Brent crude sits at just $106, AI bubble debt crisis (the likes of SOFTBANK are rightly being marked down, 25% off last 2weeks..) >>> overall markets fairly muted to be honest 'on the surface', but a lot going on underneath, rates slightly softer, 10's UST 5.07%, after a pretty robust turnaround last week on the stronger inflation data, whatever the reasons, price action doesn't lie U.S. debt interest payments hit $3 billion a day and jumped 8% in fiscal 2026 — faster than total federal spending, revenue and GDP growth Bank Stocks have now dropped for 6 consecutive weeks, their longest losing streak since the Global Financial Crisis AI Bubble hits 2nd largest concentration level in history, only behind the railroad mania of the 1880s Rising diesel prices create challenges for school districts, bus companies Petrol, diesel prices hold steady as brent crude touches $108. Check today’s city-wise rates France hit by worst unrest in years as Macron condemns violence US debt interest costs hit $3 billion a day and jumped 8% in 2026—faster than spending, revenue, GDP | Fortune U.S. budget deficit for 2026 fiscal year near $2 trillion BOJ chief says underlying inflation 'quite close' to price goal | Reuters China’s economy grows 4.5% on robust exports as domestic weakness persists Crime rising in Switzerland driven by fraud and property offences - SWI swissinfo.ch Trump waives several Russia sanctions as row with Zelensky intensifies Ukraine war live: Kyiv launches massive 1,000-drone attack on Russia US fears Starlink restrictions in Europe, threatens consequences — FT Microsoft pulls out of Nscale deal for UK’s largest AI data centre The GRID...as we often mentioned, the GRID is nowhere near ready for it to happen Anthropic Pledges 5% Of Its Shares To A New Public Benefit Fund France shaken after hellish night: Town halls torched, rioters and looters in several cities, as Macron faces political fire - ProtoThema English France: Emmanuel Macron slams failures over protest unrest Lukas Ekwueme on X: "European diesel prices are absolutely exploding... Diesel is trading at almost $193/barrel, while Brent crude sits at just $106. That's a staggering $87 premium. You can suppress crude prices with paper oil and manipulate sentiment with an endless flood of fake news... But https://t.co/oyeTQak4hb" / X Lukas Ekwueme on X: "Physical oil is trading at a $45 premium over paper oil. We are being flooded with fake news and paper oil... Meanwhile, we're running short of the actual physical stuff our economy depends on. https://t.co/3lcNuB6Ycw" / X Barchart on X: "AI Bubble hits 2nd largest concentration level in history, only behind the railroad mania of the 1880s 🚨 🚨 https://t.co/TsZgnSgW6v" / X

#Brexit Rejoining single market could give UK a £150bn boost (that's 6pct of GDP...) Goldman Sachs claims...Reversing Brexit would offer ‘significant economic upside’ ! finally admitting the obvious.... Markets : The AI bond rout has now hit the blue-chip tenants as well ( Thread), Fed’s Warsh withholds rate signal, praises recent global tightening, Fed’s Warsh sees AI boosting productivity but gives no signal on next rate hike, China moves to prop up stock market with selling curbs, buybacks, AI companies have captured ~83% of all US venture funding! , This is one of the biggest geopolitical mysteries of the year: why did China just save the world economy? / Thread #crude #GBP NEW: France has dropped its opposition to the UK being included in the EU’s “Made in Europe” legislation as long as the British government aligns with the bloc’s position over tariffs on Chinese EVs. Fed's Warsh withholds rate signal, praises recent global tightening Chamath Palihapitiya on X: "I suspect 70-80% of revenues at AI companies are from other AI companies who’ve raised money from the Venture industry. This is not a circular revenue problem but it is a revenue quality problem. We’ve seen this before in the SaaS cycle in the early/mid 2010s." / X And now even GS says it then... GOOD god.. Rejoining single market could give UK a £150bn boost, says Goldman Sachs IF even the Torygraph says it....so for 10y..folks been told Brexit would unlock growth.....ooerhum, so now the growth opportunity is removing the barriers Brexit created...... cant make this shitt up.. (don't fully rejoin, imho, but negotiate with EU hard again, on few things, defense, exports, energy to start with..), like CH, Norway etc, via bilaterals,... and keep adjusting as you go along next few decades... that's sellable.. re-join is tricky, and not realistic tbh UK could quickly re-enter EU with ‘Switzerland plus’ deal, senior MEP says | Brexit | The Guardian Merz vows to fight extremism after AfD success — Al Jazeera | UA.NEWS China moves to prop up stock market with selling curbs, buybacks — Bloomberg China's super-rich scramble to exit offshore trusts, raise cash as taxman knocks | Reuters Nic on X: "The AI bond rout has now hit the blue-chip tenants as well. Meta's Hyperion: 91c. Hut 8's Nvidia-leased sites: 91-93. Microsoft-leased Excalibur: 87. All were sold as the "safe" end of the AI trade. Well, it's now very quickly repricing like the risky end. https://t.co/SehuGIGRgC" / X EXCLUSIVE: WEF could appoint Lagarde as early as November, sources say | Reuters Arnaud Bertrand on X: "This is one of the biggest geopolitical mysteries of the year: why did China just save the world economy? Because, make no mistake, it absolutely did. Analysts are pretty much unanimous on this: had China not dramatically - and I mean dramatically - reduced its oil imports this https://t.co/1tw475e8BK" / X France can slash deficit to 3% by 2029, central bank governor says France who has broken every budget by not 1 or 3 bn, but 50bn last 2 years alone... that's almos timpossible, I'll believe it when I see it...'show me the money' ! The bar is set pretty high now.... Fifa: Gianni Infantino apologises over World Cup move but told he must do more - BBC Sport

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