''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

$ 40'000'000'000'000 the U.S made it ! winning !, and just in time, as if by magic... in comes YCC some kind of QE, with crude prices still high(er), risk of inflation remains, and risk of FED tightening, particularly is the USD weakens sharply, at some point Markets : This looked like a 180 degree turnaround from new FED man Warsh !!... pretty significant event !...kind of papering the cracks (keep spending, keeping a lid on long-end #duration while having to potentially hike), the beginning of the end game, the USDollar should get battered really...(it is the release valve..) >>> Government bonds recovered on U.S treasury announcement (YCC!..), USD weakens, PM's take off and risk likes it broadly speaking, as you would expect!.., crude remains elevated though (infl risk), FED minutes 'divided', Oz labour market softens, China leaves rates unchanged.. OpenAI’s Q2 sales show Tepid growth compared with Anthropic Trump’s Plan to Squeeze Iran’s Economy Will Live or Die in Dubai. The United Arab Emirates, long Tehran’s gateway to global commerce and finance, has pledged to crack down. But it’s complicated...! US debt crosses $40 trillion threshold after doubling under Trump and Biden. Total U.S. debt has topped $40 trillion for the first time, drawing fresh warnings that a fiscal crisis is ​brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts Samsung hikes chipmaking prices by up to 15% on demand spike Evergrande founder Hui Ka Yan sentenced to life in prison Trump bemoans Fed interest rate policy, says U.S. should be paying much less The Kobeissi Letter on X: "What the government is doing now is the equivalent of holding a 30-year mortgage at a 3% interest rate and refinancing it into a 4% one-year adjustable-rate mortgage. In other words, you are replacing longer-term, lower-cost debt with shorter-term, higher-cost debt. Now apply" / X US Treasury Just Doubled Size Of Liquidity Support Buyback — El-Erian Says Move Is More About Possibility Of Broader Deployment Of Yield Curve Control — TradingView News Why markets calls it QE : US yield curve twists expose Trump's and Bessent's rate dilemma | Reuters Trump’s Plan to Squeeze Iran’s Economy Will Live or Die in Dubai - tovima.com US national debt crosses record $40 trn, five months after it hit $39 trn | World News - Business Standard Fed July 2026 FOMC minutes: rate hike debate details Samsung hikes chipmaking prices by up to 15% on demand spike, sources say | Reuters The Spectator Index on X: "BREAKING: Trump threatens the 'MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY' against Iran. https://t.co/HXHTq3xgrH" / X '''If he tries secondary sanctions China will respond aggressively and the American financial markets will collapse much more rapidly. If he doesn’t try secondary sanctions people will ignore this post like they ignore the others''' (2) Andy Constan on X: "The fact that the buyback increase "ends" the day after the election is funny for sure but those posting about it are dopey. The date was chosen because that's the next QRA. At that point the treasury can continue to protect the long wnd more directly by cutting auction" / X Goldman studied where AI is squeezing labor markets. Here's what it found Evergrande founder Hui Ka Yan sentenced to life in prison Exclusive | OpenAI’s Second-Quarter Sales Show Tepid Growth Compared With Anthropic - WSJ First mover advantage weakening...! 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

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."

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