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Richard-Mark Dodds, Chief Investment Officer of Swiss fund manager Pure Value Metrics, who had previously predicted the Credit Suisse failure now talks about Markets and Relative Value in 2023. To view the other CNBC appearance on the demise of Credit Suisse, press here .

Why the damage to Qatar’s gas infrastructure could push costs higher for years to come Apollo : only 45% of requested withdrawals from $15 bn private credit fund.. >>> so we had BlackRock, Blackstone, Morgan Stanley, and Blue Owl, yesterday Apollo, now watch for the likes of Goldman, KKR, Ares and Oaktree over the next few days / weeks!!... Blue Owl’s other fund, OCIC, might show some nasty record into month/quarter end.., Private Credit Fund Run by Future Standard and KKR Cut to Junk by Moody’s >>> IT's beginning to ADD-UP ! Mini TACO.. The USeee Trump backed down, the "Art of the Deal"..., he was forced to cancel strikes because Iran's guaranteed retaliation against Israel and the Gulf states would be "enormous". The cost of war is too high. Iran called his bluff.!...Netanyahu disagrees with what Trump is doing, >>> Kalanovic : If in a conflict one is willing to lie to quickly remove pressure from market, what that signals to the enemy? Signals weak hand, low pain threshold so that they need to press on. What it signals to allies? Stay away unreliable policies change on few points of market drop. Marine traffic data shows, Many of ships are starting to pass through Strait of Hormuz again, it seems Iran approved all GCC, European and foreign Ships with $2 million in CNY  except Israel and US Markets : Clear fraudulent action pre Trump 'mini TACO', though fair to say it was heading into such a scenario (UST's, bonds, eq, usd down together always ends up in some kind of TACO..), Donald talks major points of agreement, Iran is having none of it, EU and Australia clinch trade and security pacts, Japan PM says country will start releasing oil reserves Thursday, GS : brace for a worldwide inflation surge , Trump just weaponized LNG >>> the global issues will remain for a while, they won't go away overnight, if if Trump wishes so, airline disruption, crude, freight, fertilizer AND inflation will be higher, (it could still get worse clearly.. but seems Trump 'is' folding'..as financial, economic consequences too dear for him..) and inflation likely to remain more elevated than previously thought, clearly..., BONDS not doing what they supposed to do lately.. equity markets should struggle although it's not bad for all companies! US Envoy Says EU faces higher tariffs if Trade Deal fails, usual threats, what else... EU and Australia clinch trade and security pacts Japan reports lower-than-expected core inflation for February Why the damage to Qatar’s gas infrastructure could push costs higher for years to come Iran war could widen as UAE, Saudi Arabia align with US, Israel to join conflict, says report – Firstpost Trump Delays Strikes on Iranian Energy Sites 5 Days .... Iran Says War Continues Until All Sanctions Are Lifted: TV US Envoy Says EU Faces Higher Tariffs if Trade Deal Fails - TT More threats..what's new.. But... its about this and it matters! ... (1) THE NITROGEN TRAP - Shanaka Anslem Perera ‘Zombie’ tankers take Tehran Toll Booth route as more vessels make detour :: Lloyd's List Iran conflict hits automotive manufacturing: Aluminium shortages, $112 oil and factory cuts Iran attacks in Strait of Hormuz are ‘economic terrorism,’ UAE oil exec says NO doubt Trump's mates had a little punt ahead of his TACO... or is it pure coincidence ?... Adam Cochran (adamscochran.eth) on X: "5 minutes before Trump’s announcement: $1.5B notional worth of S&P500 (ES) futures are bought in a single clip. $192M notional of oil futures (CL) sold. More than 4x-6x any other trade size during the market close. Insiders profited from his lies in broad daylight! https://t.co/RhE3hiC0lj " / X Apollo private credit fund gives investors only 45% of requested withdrawals kristen shaughnessy on X: "$3 Trillion Private Credit Beast: Looks Fine… Until It Doesn’t “….in an ominous echo of past financial crises, no one is sure just how much banks’ lending exposure to private credit funds could end up costing the financial system and economy in a shake-up. Estimates vary https://t.co/5ZzVWmmqN7 " / X Amazon Says Web Services Disrupted After Drone Operations In Bahrain, Cloud Migrations Underway | World News - News18 European Green Transition sees tailwind from new UK strategy – The Armchair Trader UK looks at supporting vulnerable households after surge in energy prices

Latest on Iran war : 24hours to find out if Trump carries out his threat !. . Donald Trump issued Iran an ultimatum to reopen the Strait of Hormuz within two days or have its power plants bombed. Tehran threatened to “completely” close the corridor if attacked . Two Iranian missiles penetrated Israeli air defences, injuring about 115 people, while the IDF said it began strikes on regime infrastructure in Tehran. Saudi Arabia is relying on a 1,200-kilometer pipeline built in the 1980s to maintain its oil flows, Iranian Missile Strikes Are Costing Big Oil Billions in Lost Revenue. Damaged energy infrastructure is likely to take years to come back online , but a surge in oil-and-gas prices is helping to offset some of the lost production for now. (WSJ), Trump-Xi summit on hold until Iran conflict ends, ME Countries thought hosting US bases made them safe. Instead, it’s made them targets!!../Rory , “We must face reality — the West has split.” / Stubb Markets : Trump's 48hour threat, OIL up 'only' around $100 again, Eq futures pointing down again, as everything sells off, including UST's... 10s UST now 4.42% !!!... MAG7 down 12% YTD, GOLD 200dma around $ 4¨100 (liquidation, where the profits are.., USD liquidity seeking from ME most likely and killing any other leveraged positions elsewhere) >> markets will be jittery, HUGE week IMHO.. !! we may get some sort of TACO this week (quite how it looks like is another question..),... but VERY hard to tell what happens in between.., risk is definitely getting towards cheap(er) levels! prepare your shopping list, we have ''Netanyahu is panicking. He admits on camera that he and Trump are desperately trying to drag Europe and the rest of the world into their disastrous war. He is begging the international community for help because the US and Israel cannot win this alone'' Friedrich Merz’s reform drive put at risk after vote in western state Mark Zuckerberg is building an AI CEO agent, people say even CEOs may be replaced now Qatar Airways parks long-haul jets in storage in Spain. Transfer of planes to Teruel airport signals airline is preparing for ongoing Gulf conflict, SWISS cutting tons of flight over summer, other airlines in similar situation Google Searches for "Help With Mortgage" have soared to the highest level in history, surpassing even the peak of the Global Financial Crisis "Sometimes, you have to escalate to deescalate." — Walther Funk, German Reich Minister of Economics, 1941 "Sometimes, you have to escalate to deescalate." — Scott Bessent, U.S. Treasury Secretary, 2026 Trump gives Iran 48-hour ultimatum to reopen Strait of Hormuz or face ‘obliteration’ of power infrastructure | The Independent Bond Market’s Big 2026 Fed Bet Flipped on Its Head by Oil Surge Trump-Xi summit on hold until Iran conflict ends, people briefed say Oil whipsaws as war risks to energy facilities counter prospect of eased Iran sanctions The Week Ahead: data set to show the economic effects of the war – The Armchair Trader President Stubb of Finland: ‘We must face reality – the West has split’ – Ukraine Today .org Jim Bianco on X: "Danny @citrinowicz is a former senior Israeli intelligence officer in charge is IDF intelligence on Iran. He is now a think-tank analyst regularly sought by mainstream outlets and policymakers. —— Many expect Trump to TACO, declare victory, and leave. Citrinowicz warns this" / X (1) THE NITROGEN TRAP - Shanaka Anslem Perera Iran threatens to strike Gulf power plants after Trump ultimatum | Reuters IEA discussing further oil stock releases, chief Birol says Winners and losers in France’s municipal elections – POLITICO UK energy supplier flags growing debt burden as Iran conflict drives up prices Starmer adviser calls for temporary UK energy profit cap Elon Musk Wants to Build the World's Largest Chip Factory Mark Zuckerberg is building an AI CEO agent, people say even CEOs may be replaced now SWISS offers up to CHF15,000 for voluntary departure - SWI swissinfo.ch SWISS cancels hundreds of flights this summer due to pilot shortage - SWI swissinfo.ch Qatar Airways parks long-haul jets in storage in Spain Liz Webster on X: "⚠️‼️ @RoryStewartUK gives the truth on #Iran Countries thought hosting US bases made them safe. Instead, it’s made them targets. If strikes are launched from your territory, you become part of the conflict and the infrastructure around you is at risk. That applies just as https://t.co/QxcLDq0gop " / X Global Insight Journal on X: "🇨🇳 Professor Jiang — the man nicknamed “The Professor” because he is truly one of the most dangerous geopolitical minds in the world — revealed to Tucker Carlson words you will not hear anywhere else: Iran’s war is an American quagmire with no bottom… China is the biggest https://t.co/7bsH0sjH3M " / X

Gain insight into the values that frame our thinking and drive our decisions at Pure Value Metrics Meet the Team We provide a full range of services with relationship managment support. Our complimentary Daily PVM "Bits Blog" keeps you in touch with global markets. Team Our Team of seasoned industry experts with over 75 combined years of banking, investment and compliance experience are at your disposal Stephan Collet Chief Executive Officer Richard-Mark Dodds Chief Investment Officer Elke Balters Compliance Officer Alison Lazerwitz Non Executive Director Our Service Providers Swiss Comply Compliance ICS ProCloud AG Information Technology Provider Our Custodian Bank Partners Saxo Bank Switzerland Bank J. Safra Sarasin UBS AG Our Values Corporate Responsibility As a forward-looking Asset Manager, we understand that the world's resources are finite and so we look for opportunities to invest in companies which use these efficiently. Value You're in control; with our partners you have full access to either trade directly or view your account in 'real-time' at anytime. If your account is managed you will able to view our pending orders; so you can see what we are looking to buy, and at what price. Transparency Whether it be from our Management and Performance fees on our managed accounts or the execution pricing on our Self Trading platform to a core principle within our investment process; value for our clients is fundamental to our identity. Sustainability An ever present reality is global population expansion and the effects that it will have on the environment in which we live. Therefore, it is essential that the companies behind the stocks in which we invest also share our ethical values to provide positive change to global infrastructure.

Pure Value Metrics AG is a Global Equity Asset Manager based in Pfäffikon Switzerland specializing in Trusts Welcome to Pure Value Metrics Pure Value Metrics works with a broad selection of Global clients including, Family Offices / UHNWI, Corporates and Private Investors to offer innovative Multi-Family Offices Services, including Trusts with the Geopolitical Security of the assets in Switzerland, Asset Management and Trading solutions. Relative Value investing anchored by detailed balance sheet analysis PVM is an asset manager with a unique Investment Matrix dynamic portfolio selection process, which involves targeting single value stocks and then taking a deep dive into their balance sheets for financial robustness and then assessing their relative value both against their competitors and themselves, to determine the investment entry and exit point. PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog Credit markets cracking / ME war:no sign of easing / Hormuz still blocked, WTI $100 again / Risk under pressure=USD bid Private credit is the new subprime / WTI back to +$90..ships hit in Hormuz / Market outcomes ALL a function of duration Trump TACO'ed early..now a war he can't win and can't end? / Crude up & down 25%, risk rallies back, USD softens again Media Apperances PVM CIO on CNBC PVM & Bloomberg on Global Macroeconomics Please reach out to discuss your requirements Contact us / Visit our office

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 250k CHF 2025 Performance 2026 Performance (end Feb) +21% +4.0% 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 (end Feb) + 26% +0.6% 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.