Jackson Hole : Federal Reserve Chairman Kevin Warsh will address an audience of international economists and central bankers on Friday, with investors globally watching for him to offer more details about the economy, recent ​volatility in bond markets, and the risks facing the U.S. and global outlooks >>> the stakes went up recently, disinflation pledge (no roadmap), inflation is 3.7% nearly double the target... , 10's UST basically at 4.7% still, a growing minority of Fed officials say policy is no longer tight enough to squeeze out the last point of inflation.. >>> This Isn’t the First Fight Between Treasury and Fed Over Interest Rates, The two agencies had a similar fight after World War II that helped win independence for the Federal Reserve Markets : France is starting to be perceived as a greater bond risk than Italy - FT, | Iran has linked the reopening of the Strait of Hormuz to the end of regional wars in the Middle East, According to Centcom, Hormuz is now mine free and completely open to shipping (crude remains $80+ though..), European Central Bank must act to prevent inflation from taking root, says Kazaks, Corn 3y high prices again, >> Jackson Hole has potential for a big move going into September, petty key for PM's and BTC which have been anticipating the 'debasement', equity markets will react accordingly, watch UST yields tonight/next week, duration is key !!! more than ever... Japan is struggling to sell its debt. Its 2 year government bond auction today saw weak demand. Last week, foreigners dumped short-dated JGBs at a record pace. This explains why yields hit 31 year highs. The market is hiking rates for them. CH - Why Alpine debris flows are becoming more intense and unpredictable Coolcation ! the new buzz word in Scotland (Norway, Sweden, Finland...too..) Pre-tax earnings in the US have hit the highest level since the aftermath of the second world war, while workers’ slice of the pie has sunk to historic lows, fuelling discontent and a widening political backlash Donald Trump signs order renaming Lake Ontario as 'Lake America' in the US, glad he is focusing on things that matters for the U.S economy.. Will Warsh's Jackson Hole speech be a course correction or detour? - AOL Warsh’s Jackson Hole speech could make or break the bitcoin and gold rally This Isn’t the First Fight Between Treasury and Fed Over Interest Rates - Barron's The original accord of 1951 ended a war between the Treasury Department and Federal Reserve System over which had control over the nation’s monetary policy. Despite President Harry S. Truman’s objections, the Fed won its independence. Iran links Hormuz reopening to ending regional wars as Trump reportedly rejects return to June deal CENTCOM announces Strait of Hormuz shipping lanes are ‘free of Iranian sea mines,’ marking ‘major milestone’ in the Iran war This would be great news...if/when confirmed European Central Bank must act to prevent inflation from taking root, says Kazaks US corporate profits surge to record as worker payouts wilt | 28.08.26 | finanzen.ch PayPal dives as Advent-Stripe group said to drop pursuit of payments giant Nepal’s second flood threat: What is a barrier lake, and how devastating can a breach be? | Explained News - The Indian Express MacroStrategy Partnership on X: "***** The U.S.’s Exorbitant Privilege... Reuters says the rising real yields reflect the scale of issuance, both from governments worldwide and from AI. “There’s a competition for capital which is relatively unprecedented in recent times” The US budget deficit is set to run at https://t.co/OaXocVf2I3" / X David Lee on X: "We maybe seeing a structural change in mining investing GDX/Gold is now at 0.0225, approaching the high in 2016 and 2020 Fintel data indicates institutional ownership of GDX has increased 21% since last August (GDX/Gold ratio was around 0.0180 at that time, the ratio rose 30% https://t.co/RReTbNAebj" / X Gen Z Disrupts European Savings Habits as N26 Reports 45% Surge in Retail Investing Same with other online platforms here in CH.. Alps face rising debris flow threat from extreme rainfall EU industrial push strains ties with Switzerland and Norway - SWI swissinfo.ch Donald Trump signs order renaming Lake Ontario as 'Lake America' in the US | US News | Sky News Scottish Highlands benefiting from 'coolcation' trend

Markets : #USD ''The US will sacrifice the dollar to save the bond market. It doesn't matter who is in power or how tough they act... When push comes to shove, they will always choose to print to save the bond market'' Greenspan and any of his successor.., Oil’s war premium is unwinding again, Brent has dropped almost 9% in 4 days as the market increasingly prices a US-Iran exit ramp, The Fed’s preferred inflation gauge, Core PCE, came in at 3.7% YoY, and GDP was 1.5% QoQ (so slow...and inflation is high-er still...), NVDA rallies on strong results (AI-fueled sales surge to extend into 2028), Bank of Korea lift rates to 3% (+25bps), US Diesel supplies hit 23y lows as demand season looms, Wheat his a 3y high as Russia prepares to escalate war, Europe’s gas stores are running low — and prices could top 100 euros this winter Trump plan to raise borrowing limit on shaky ground as debt roils bond market Qatar is forecast to contract 8.6% in 2026, steepest decline among GCC states, Iran and Oman agree to share Strait of Hormuz revenue #debasement trade : Jeffrey Currie: I can see $10,000 gold and $300 silver #crude The idea that the US government decides what oil prices do and uses trading firms to implement it is ludicrous in a 5 billion barrel daily paper market / Thread, and Morgan Stanley has RAISED its 4th quarter Brent crude oil forecast to $100/bbl German Chancellor Merz: "We have to get out of this climate of gloom and frustration" OpenAI’s Jalapeño AI chip brings new ‘threat’ to Nvidia margins Why Did John Ratcliffe Go to Moscow? Despite Trump’s claims, the CIA director’s visit was anything but routine. It might be a sign that Putin is getting more dangerous From escalation to exit ramp why oils war premium is unwinding again | Saxo Jackson Hole could trigger dollar, bonds sell-off, market watchers say Ranked: Which Countries Hold the Most U.S. Debt? Nvidia makes bold $108B promise in blockbuster earnings, but issues a warning - TheStreet OpenAI Jalapeño AI chip challenges Nvidia in inference Qatar's Economy to Contract 8.6% This Year What the CIA Director’s Mysterious Trip to Moscow Could Mean - The Atlantic Bank of Korea raises rate to 3% in first consecutive post-pandemic hike Merz Targets 1% Growth As Germany Moves To Revive Economy – Arise News U.S. Diesel Reserves Sit Near 23-Year Lows | OilPrice.com SK Gas pays record $5.3m to jump Panama Canal queue - Splash247 Europe’s gas stores are running low — and prices could top 100 euros Rising debt concerns threaten Trump plan to raise borrowing limit through 2029 Kazakhstan and Kyrgyzstan Give Conflicting Accounts of Four-Country Blackout - The Times Of Central Asia Always ...In gold we trust. My latest on the dollar debasement trade Gold is on a tear – and its easy to explain why Michael Pettis on X: ""China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today." As Chinese debt" / X Lukas Ekwueme on X: "Jeffrey Currie: I can see $10,000 gold and $300 silver. The main driver is the debasement trade. The war has fooled us into believing that inflation is bearish for gold and silver because of the fear of higher interest rates. But Bessent's/Warsh's actions proved what I have https://t.co/Bnydw0O7Xc" / X Barchart on X: "Wheat soars to highest price in more than 3 years 📈 📈 Goodbye sandwiches 🥪 😭 https://t.co/MuEtBK2PY3" / X

Markets : NVDA earnings after the bell, expect a move up to +/- 7%, U.S. Banks are currently facing unrealized losses of $326.7 Billion, Iran and Oman prepare Hormuz deal as US holds back on secondary sanctions, Bessent’s bond intervention puts US Treasury on collision course with Fed. Increased purchases of debt threaten to undermine central bank chief Kevin Warsh’s bid to tame inflation. (FT), Meta, US states have discussed settling teen social media harm case, ECB's Schnabel Says Rates Must Rise More on Resilient Economy, $70bn 5 year UST auction today, details live later on here Live US Debt Monitor >>> NVDA earnings + Jackson Hole are both events that have been known to move markets ! China ramping up Fiscal Stimulus in 2H to secure growth/Shanghai Securities News, China's central bank is injecting 500 billion yuan into its banking system to fund government bond sales, more liquidities.. Chipmakers are increasingly using their own balance sheets to help customers keep buying more and more compute and broadcom is becoming a textbook example - Bloomberg >>> how long can this circular economy continue at this pace..!!.. SEC reportedly subpoenas Wall Street banks over AI hedge fund Situational Awareness’s near collapse AI-generated music will be excluded from Australia’s music charts Iran and Oman prepare Hormuz deal as US holds back on secondary sanctions ECB Likely to Raise Interest Rates Further Amid Inflation Risks President Trump's approval drops to 33 percent as midterms approach ''Seen through that lens, every “gymnastic” of the past month is the same policy: keep the pawn shop open, liquid and cheap'' Andreas Steno Larsen on X: "Explainer: Why Bessent cannot stop talking about repo markets (and why YOU should care) " / X Meta, states have reportedly discussed settling teen social media harm case EU records first trade deficit since 2023 | Euractiv Reports: SEC subpoenas banks over Situational Awareness blow-up How Canada could hit back to hurt the US economy - and Trump Eurointelligence | Geopolitics and economics from a European perspective Christophe Barraud 🇫🇷 🇲🇨 on X: "🇨🇳 #China to Ramp Up Fiscal Stimulus in 2H to Secure Growth: Report - Shanghai Securities News ➡ China’s fiscal stimulus is set to ramp up in 2H — with ample headroom for further policy support — as Beijing moves to expedite fiscal spending and revive domestic demand, the" / X Nvidia shares set for $280 billion price swing after earnings, options show | Reuters Tungsten West Secures Proposed £71m UK Government Funding For Hemerdon Restart The UK government have backed a strategic mining asset... finally..but well done Barchart on X: "BREAKING 🚨: U.S. Banks U.S. Banks are currently facing unrealized losses of $326.7 Billion 🤯 👀 Losses have grown each of the prior 2 quarters https://t.co/PB8xMtbc86" / X

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."