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Iran updates : Oil jumped after the Houthis said they attacked two Saudi Arabian tankers in the Red Sea, opening a new front in the conflict that has already snarled traffic through the Strait of Hormuz. The US military used a B-1 long-range bomber to strike targets in Iran, US signs deal with Saudi Arabia that could allow kingdom to enrich nuclear fuel Russia forced to import fuel from India as Ukrainian strikes damage refineries. Shipment underlines crisis facing Moscow after drone attacks cut supplies and led to widespread shortages Low Rhine water levels are raising cargo transport costs (some up 50% lately..) and disrupting logistics, with ships often running only partially loaded Markets : Japan's long-term borrowing costs are now at the highest levels this century (JPY languishes near 4 decade lows), Alphabet lifts spending (Google burning through cash for the first time since going public decades ago as it raised its spending forecast for AI infrastructure, blows its cashflows on a bet), TSLA lower after earnings, crude 6 week highs, Brent $96 again!, UST yields higher 10's 4.67% (Chinese Holdings of U.S. Treasuries plunge to lowest level since the Global Financial Crisis), US officials threaten to sanction Chinese AI startups after Moonshot release, the ECB will probably pause from hiking rates further today as it weighs the impact of re-escalation in the war, Nasdaq 100 #QQQ has now closed below its 50-day moving average for 6 straight days, the longest stretch since early April, #GOOG just closed below its 100-day moving average for only the 2nd time since early April, #SILVER chats looking bullish again (GOLD, XPTUSD all been forming a base last 6weeks or so, #URA Trump approves nuclear agreement that may allow Saudi Arabia to enrich uranium >> The timing of the announcement is, to put it mildly, interesting Jamie Dimon is skeptical the massive AI boom will pay off as quickly as expected. Still, he isn't ruling out wild solutions, saying SpaceX’s data centers in space could actually work Iran war latest: UK withdraws staff from Iran - as Houthis target Saudi oil tankers | World News | Sky News Houthis claim attack on Saudi tankers in Red Sea US signs deal with Saudi Arabia that could allow kingdom to enrich nuclear fuel Low Rhine water levels pose cost and logistics threat to German industry, analysts say | Reuters Google nearly doubles AI infrastructure spending as Q2 tops estimates By Investing.com Another take on Google from Bob Elliott: “Since 1Q24 Google has generated ~30bln in excess earnings in their cloud unit, but has paid ~140bln in capex to get it, not a particularly compelling return, certainly not good enough to blow all their free cashflow on the bet.”!! Trump approves nuclear agreement with Saudi Arabia | AP News Russia forced to import fuel from India as Ukrainian strikes damage refineries Jamie Dimon throws caution on the AI frenzy but sees promise in space data centers US threatens sanctions against Chinese AI models over IP theft | TechCrunch Jeffrey Epstein met with Bill Gates and and his charity's staff around 30 times, report finds | US News | Sky News Barchart on X: "Go Time for Silver $SLV? 🚀 https://t.co/eQsRESnwcv" / X Barchart on X: "Chinese Holdings of U.S. Treasuries plunge to lowest level since the Global Financial Crisis 🚨 🚨 https://t.co/NJwXyjEujL" / X

The Treasury is walking a tightrope on U.S. debt by relying so much on short-term rates that are at the mercy of a suddenly very hawkish Fed >>> "Therefore, the biggest risk to the debt burden would be a sharp rise in short-dated yields if the Fed were to hike rates by more than expected in the coming year.", TLT 82.53 all time (24 year) low for this ETF fwiw... (chart below) OpenAI said its advanced AI models inadvertently hacked Hugging Face in an “unprecedented” incident, prompting renewed calls for curbs Iran update : Brent climbed for a fourth day as risks to global supply spread beyond the Strait of Hormuz, with Tehran-backed Houthi rebels in Yemen threatening disruptions in the Red Sea. The war has cost the US $37.5 billion, according to Pete Hegseth, as US strikes on Iran continued Markets : crude stays high(er) as U.S strikes Iran for 11th consecutive night, 10's USt uncomfortable high (breaking up???) at 4.64%, PM's trying to rally off base built over last few weeks, equity rotation back into energy, oil related names, QQQ continues to struggle, #AI bubble top, #Space top etc..., in FX land, USDJPY 163+ where is BoJ ?, CHF slightly softer, USDCHF beginning to like life 0.80/0.8100+.. Business professor Scott Galloway says China is flooding the world with dirt-cheap AI models on purpose, and it’s wrecking American AI companies faster than cheap Japanese cars ever wrecked Detroit..“What the Chinese automobile industry did to Detroit in about three decades, it feels like Beijing is doing to us in AI frontier models in about three months.” Donald Trump prepares fresh tariff barrage with 10% levies set to expire. US president to renew trade war after Supreme Court threw out reciprocal duties ''The digital euro would give Europe its own public payment infrastructure and weaken a strategic American monopoly'' Equinor CFO says that even if Straits are open today for the rest of the year Europe will have a gas problem this winter as dependence on Russia phases out too >>> basically Norway is running the show gas wise for Europe Powerful AI model goes rogue in 'unprecedented' incident US renews strikes on Iran as Trump threatens to attack Pickaxe Mountain Treasury walks a tightrope on US debt by relying on short-term rates that are at the Fed's mercy | Fortune >>>>> Andy Constan on X: "$TLT 82.53 all time (24 year) low for this ETF fwiw https://t.co/HLMx9lySvw" / X Donald Trump prepares fresh tariff barrage with 10% levies set to expire Is UK facing drought for second summer in a row? - BBC Weather Japan exports and imports grow at fastest pace in June since November 2022 European gas prices surge amid fears US-Iran war will cause winter shortages | Energy industry | The Guardian Samsung in talks to invest in Mistral at €20bn valuation ECB selects 36 payment providers for digital euro pilot as the project moves ahead | Euronews The fear campaign against the digital euro protects foreign financial dominance over Europe. The digital euro would not pay interest and would be free for basic consumer use. It explicitly rejects programmable money. It could not be restricted by product, shop, place or date. Visa and Mastercard process around 65% of euro-area card payments. The digital euro would give Europe its own public payment infrastructure and weaken a strategic American monopoly. That is why foreign financial interests want Europeans to fear it. Samsung in talks to invest in Mistral AI at $29.5 billion valuation: Report | The Straits Times

AI : It's becoming clearer and clearer that China's AI open source strategy may end up being seen as one of the greatest strategic masterstrokes of all time / Thread, Top American AI execs sound alarm on Chinese models, and hyperscalers have up to $2trn sitting 'off balancesheets'.. of course...they do it, because they can...!!.. till it comes back to byte them.. Iran updates : Crude Oil only has 43 days of supply left in the U.S., the lowest inventory in 45 years, US forces struck more Iranian targets as the conflict looked set to expand further after Tehran-backed Houthi militants in Yemen threatened to blockade Saudi Arabia in the Red Sea. The UK Navy said a tanker was struck in the Strait of Hormuz. Trump vowed Tehran “will pay” for killing three US soldiers Markets : The number of large US companies filing for bankruptcy has soared to 372 in the first 6 months of the year, the highest level since 2010 (Thread), KOPSI some 30% off highs (June peak madness-up overnight..), Diesel prices are surging (up 65% since war began..!!), The cost of financing US debt is rapidly rising (Thread-chart), Hedge Funds have now built the largest New Zealand Dollar short position in history (chart available), Funding AI : a biog test for capital markets (MS podcast episode) >>> Asian stocks snapped a three-day losing streak, with Japan's Nikkei up nearly 3% and South Korea's KOSPI gaining 4.5%, as investors braced for results from Alphabet, Tesla and Intel that will test a strained AI trade, FX quiet, glad to report USDCHF, EURCHF, GBPCHF grinding higher... Greek shipowners accounted for 55% of all Western tanker sales to Russia’s shadow fleet, How Greece continually undermines Russia sanctions A Test for Capital Markets: Funding AI - Thoughts on the Market | Podcast on Spotify Hidden Debt at Five AI Hyperscalers Hits $1.65 Trillion, Nikkei Study Finds | Analysis.org US day traders flock to ‘the most dangerous product in crypto’ Yemen's Houthis declare naval blockade against Saudi Arabia | Reuters US launches 10th round of strikes as Iran says it is in ‘full-scale war’ | US-Israel war on Iran | The Guardian How Greece continually undermines Russia sanctions Top American AI execs sound alarm on Chinese models Trump slaps 50% tariffs on Canada goods on trade discrimination claims Britain's new PM to cut taxes on electricity bills | Reuters Arnaud Bertrand on X: "It's becoming clearer and clearer that China's AI open source strategy may end up being seen as one of the greatest strategic masterstrokes of all time. They started with a clear resource and technological disadvantage - mainly due to the US semiconductor export controls - and https://t.co/SYkSlai353" / X Swiss reservoir water levels lowest in 20 years - SWI swissinfo.ch Global Markets Investor on X: "🔴US CORPORATE BANKRUPTCIES ARE SURGING: The number of large US companies filing for bankruptcy has soared to 372 in the first 6 months of the year, the highest level since 2010. The total already tops all of 2022's full-year count of 371. Filings picked up through the spring, https://t.co/gnZTaopR7y" / X The Kobeissi Letter on X: "The cost of financing US debt is rapidly rising: On Tuesday, the US sold 30-year Treasury bonds at a 5.06% yield, the highest auction result since 2007. At the same time, the 30-year Treasury yield jumped back above 5.00%, though it remains below the May 20th peak of 5.20%, the https://t.co/tKNzQ2cOyD" / X (31) We Still Expect a 2026 Rate Hike | LinkedIn Yardeni

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 (30. June) +21% +2.8% 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 (30. June) + 26% +4.8% 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.

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