U.S. Corn Belt farmers face cost surge as Iran war deepens grain sector crisis Druck's message to Bessent : you making a mistake by buying back bonds >>> "Anyone who says we don’t have to cut entitlements is lying. We can either cut them now or we’re going to cut them later. But if we cut them later, it’s going to be much more painful." >>> take the pain pill now, or it'll be a lot worse later on..! >>> thing is it probably won't happen, spending cuts never won any party any election, Wall Street guys don't want to face reality, calling for cuts that will never happen...! the living standards will adjust via a USD readjustment, the whole exercise is not too different than Yellen cutting coupon which they will probably do, private sector, banks will be 'force' to soak up bill issuance.. Markets : Bessent is wrong, as discussed laely (the maths don't add up).., but he can keep doing it for a while and push back the 'endgame' for a little later, probably, 10's UST's still 4.7%!.., Germany's 10-Year Yield is at its highest level in more than 15 years, BTC 80K (the debasement response was pretty immediate..), S&P 500 dividend yield falls to lowest level in history, Uranium hits highest price in almost 7 months, Chinese Stocks are approaching their worst underperformance relative to the S&P 500 in history (opportunity) >>> overall equity markets holding up (NVDA earnigns and Jackson Hole - 2 big events ahead could trigger volatility), USD to stay offered, GOLD, BTC up etc Iran sanctions threat falls flat: the Trump administration warned countries to sever business ties with Iran or face secondary penalties in what it billed as an "economic D-Day," but Washington stopped short of imposing any measures or naming targets, leaving markets largely unmoved >> more show than tell, for now anyway German investigators find third drone and suspected explosives at Leipzig/Halle Airport, local media says US Treasury buybacks a 'mistake' costing credibility, says Druckenmiller - AOL Nick Timiraos on X: "Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally. "I have spent five decades trading on a simple premise: Markets aggregate information no committee" / X Barchart on X: "S&P 500 dividend yield falls to lowest level in history 📉 📉 https://t.co/xFBmcUXtto" / X Uranium - Price - Chart - Historical Data - News U.S. Corn Belt farmers face cost surge as Iran war deepens grain sector crisis Barchart on X: "BREAKING 🚨: China Chinese Stocks are approaching their worst underperformance relative to the S&P 500 in history 📉 📉 https://t.co/4LpKPMQVg9" / X China says its cooperation with Iran should not be disrupted Trump targets Iran’s trade lifelines — here are the countries most exposed What the renewed Black Sea blockade means for Ukraine’s farmers - France 24 German investigators find third drone and suspected explosives at Leipzig/Halle Airport, local media says | Euronews

''Bessent’s running battle with the bond market starts to look like his boss’s war in Iran'' Markets : Nvidia just told Microsoft, Google, and Oracle their AI bills are going up 15%, NVDA earnings on Wednesday, always pretty key for general Ai sentiment (circular economy etc), BABA down 10% in HK, Samsung disappointed, Anthropic IPO details coming out, U.S. has just 41 days of crude oil inventory left, the lowest level in half a century, GOLD has broken back well above 200dma around 4'500$ >>> overall 'debasement' trade came back pretty swiftly, was only a matte of time, Bessent's attempt to control/manipulate bond market can/will backfire, could be the beginning of the big debasement trade 2.0 >> it's the bond market or the USdollar.., can't have your cake and eat it, seems pretty obvious that IF a choice has to be made, and IMHO the market is beginning to do just that... the USDollar will be the fall guy... (Bessent intervening with BoJ might be a sign-push....), Gold bigger than UST in CB reserves by now, main play (but consider also XAG, PLAT, PALL, Copper etc)...and BTC of course Anthropic seems to have built one of the best models available but its customers don’t appear willing to pay much more to use it - FT Warsh seeks to soothe investors’ nerves as signs of economic strain mount. Economists criticise Fed chair’s communication strategy as policymakers prepare to gather at Jackson Hole symposium US vows 'economic D-Day' as Iran threatens to halt all oil exports. The U.S. threatened Iran with what it called "the greatest ​financial offensive ever marshalled" as it prepared to roll out economic sanctions on Monday that target Iran's trade partners. (Reuters) => Oil falls as US prepares to unveil new Iran sanctions Why the World’s Largest Megaproject Collapsed | WSJ - Video Zurich to launch 35-hour working week pilot scheme 227,500 properties filed for foreclosure in the first half this year, a 21% increase from last year and a 30% increase from two years ago China acquired +40 tonnes of gold in June via the London OTC market, marking their 2nd-largest monthly purchase since early 2025 Live updates: US set to unveil ‘economic D-Day’ sanctions on Iran | CNN Iran warns of Hormuz ship seizures ahead of Bessent's planned sanctions push Bossing the bond market around never works Nvidia stock steadies as AI server price hikes and Q2 earnings expectations shape outlook Why the World’s Largest Megaproject Collapsed | WSJ Founder who blamed $300mn fraud on head injury sentenced to prison Barron Trump, 20, Now Worth $150 Million — More Than Mom, Melania — From Crypto And $39 Energy Drink Barchart on X: "227,500 properties filed for foreclosure in the first half this year, a 21% increase from last year and a 30% increase from two years ago 🤯 👀 https://t.co/DDqYRBzTDS" / X Zurich sets out framework for 35-hour working week trial - SWI swissinfo.ch Swiss individual taxation to be introduced in 2032 - SWI swissinfo.ch Sounds like a great idea, but execution will be next to impossible.. The Kobeissi Letter on X: "BREAKING: China acquired +40 tonnes of gold in June via the London OTC market, marking their 2nd-largest monthly purchase since early 2025. This is 167% more than the official +15 tonnes reported by China's central bank for June. This also follows an estimated +48 tonnes https://t.co/aSPZysWtWS" / X Speaker Mike Johnson downplays reported Jared Kushner–Hakeem Jeffries meeting Charlie Bilello on X: "US National Debt has moved from $19 trillion to $40 trillion over the past 10 years, a 106% increase. It will go much higher in the years to come because there's absolutely no political will to stop the deficit spending before it becomes a crisis. Video: https://t.co/F3yBDMeN1g https://t.co/clOsgNwbjk" / X

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

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

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."