US midterms up next now ! Markets : Crude a little softer as Iranian and Qatari officials held a 3rd consewcutive day of talks in Doha, aimed at ending the U.S-Israel war on Iran, MSFT raised another $25bn from US bond sale, Lagarde on her way in Feb 2027, US Treasury borrows record $839 Billion in auctions last week, China stocks up on report of regulatory support >>> On top of ACTUAL news, Ai debt, etc, like Google's ugly earnings, CAT, AMZN, Intel a few others..., imagine the wrench a Democratic midterm victory could throw into the market. They could gum up the works almost immediately, bringing renewed scrutiny to crypto, banking, markets, etc.... BEWARE... The $6tln House of Cards. Google’s announcement of nearly 1tln in forward commitments alone once again highlights how much of the AI boom today is being greased by all those involved committing to deliver future cash Passengers on never-ending cruise stranded by soaring fuel costs AI spending concerns linger: Goldman Sachs forecast hyperscaler capital expenditure almost doubling to $800bn this year and reaching $1.2tn in 2027, while projecting S&P 500 earnings growth slowing from nearly 30% in 2026 to 18% next year. Intel’s near 29% drop on Friday raised the stakes for other chipmakers, and US midterm elections on Tuesday added uncertainty, with a Democratic win in either house seen creating potential hurdles for data centres Frankfurt Riots: Germany’s Dobrindt Demands Tough Penalties After Gen Z Protest Violence UBS boss Ermotti makes clearest Swiss exit threat A prolonged rout in the riskiest parts of the global market for junk debt is sending shockwaves through credit markets, driving some of its most active investors into sharp losses-FT US Midterms Explained: Who’s Ahead, Who Needs What, And When We’ll Know | Times Now Rubio says Trump wants to solve Iran war 'peacefully' Iran and US explore diplomacy amid rising threats of war | US-Israel war on Iran News | Al Jazeera Germany Calls For Tough Penalties After Frankfurt Riots During Gen Z Protests | Outlook India Riots During Protests in Europe—New Blockades Planned Israel election: When will government be formed, who will lead it? Oil prices fall as Iran-U.S pursue diplomacy US Treasury Borrows Record $839 Billion in Auctions This Week - Bloomberg China Stocks Rise on Report of Regulator Market Support Meeting | Stock Market News The $6tln House of Cards - by Bob Elliott - Nonconsensus ECB chief Lagarde to step down early, triggering succession race Alphabet Soup: Where to now for Google shares? – The Armchair Trader EXCLUSIVE: Pentagon treating military base freezer malfunctions as suspected cyberattack, officials say | Reuters Passengers on never-ending cruise stranded by soaring fuel costs Zurich and Basel protests turn violent - SWI swissinfo.ch UBS boss Ermotti makes clearest Swiss exit threat - SWI swissinfo.ch Let him go,?..how can you random swiss folks !.. having had already huge tax payers supports during GFC..

Ballon d’Or winner Harry Kane said: “Work hard in silence. Let success be your noise.” Markets : FED holds and reiterates their commitment to containing inflation (they r miles away form target still..all bark and no bite..), fewer rate-setting meetings in 2027.., Bank of Canada hiked 25bps for the 1st time in over 3 years to 2.5%, EU natural gas benchmark price (TTF) surged through €100 a megawatt-hour for the first time since the 2022 energy crisis, crude slightly softer on apparently renewed peace efforts between U.S/Iran, Netanyahu-led bloc holds lead with nearly 90% of votes counted >>> markets overall pretty quiet, Alphabet down 10% after hours, Chinese markets continue to struggle though, precious metals not so precious but getting into 'buy - accumulate levels' again Those Alphabet earnings were BRUTAL, first double miss in 4 years! The AI spend was also whaoo - Long-term debt: +500% in a year, to $125bn - free cash flow: -$9.1B vs. -$2.7B expected - 2027 capex guided "significantly" higher, $300B+ Verdict? The stock is down over 10% in after hours, he burn is outpacing the payoff.......Google’s Search business is being CANNIBALIZED by AI..... should hardly be a surprise, it obviously is for many though Anthropic’s IPO could be ‘speculative fiction’ or a ‘generational moment’ Mercedes is also being hit hard by the China shock. It joins BMW & VW in cutting its outlook, now targeting a car margin of just 2–3%, vs up to 5% before Russian satellites have been used by the Houthis Iran proxy in Yemen to direct attacks on Saudi Arabia-AP!.., Kremlin declares "Europeans will not take part" in trilateral peace talks with U.S. & Ukraine, Security experts have warned that there would be no constraints on Benjamin Netanyahu reviving his plans to launch fresh attacks on Iran while he serves as caretaker prime minister during coalition talks (FT) Trump methane policy rollback may have minimal impact on crude prices, EPA says UK Budget : this is effectively their manifesto now : "The worker, the sole trader, the parent at the school gate, the young person desperate to start job or business. No tax rises on wages or dividends. Cutting taxes for millions of families and businesses. Our banks will help today. Our high streets, it’s gaming machines and vape shops that will help cafes. When the storms pass is where Britain is heading. Reindustrialised. Power returned to communities. Threats deterred. Global opportunities seized. Fresh hope, good growth and support for those who need it. We know who we are, we know where we are going. We can see the Britain we want to be. It’s a vision burned into every line of this budget statement. Breathing space now, fresh hope for the future, delivered by this labour govt." UK budget: Healey accepts smaller fiscal buffer after global shocks hit economy - AOL Fed Holds Rates Steady as Two Officials Dissent Managers convinced ECB will not hike rate rise this week despite energy-driven inflation pressures - Funds Europe Bank of England rate path seen staying below 4.75% next summer EPA sees little oil price relief on Trump methane rollback Magnificent Seven stocks diverge as correlation falls Anthropic IPO: Investors weigh growth, losses and risks Alphabet (GOOGL) Q3 2026 Earnings Call Transcript The Market Is Panicking - I'm Having The Time Of My Life | Seeking Alpha Mercedes Reports Higher Profits After a Weak Quarter Last Year The Kobeissi Letter on X: "BREAKING: US households now own ~42% of the US equity market, their highest proportion since the late 1990s. This proportion has risen +7 percentage points since 2020. Foreign investors are the 2nd-largest owners, accounting for 18%, up from 16% in 2020. Mutual funds rank 3rd, https://t.co/sbKghpskHX" / X Right... Aaron Rupar on X: "Trump on solar panels: "They kill all the animals. The animals jump on them and they fry." https://t.co/EShkbJ7oJ1" / X Why I won't shed any tears over the collapse of Getty Images Switzerland to vote on nuclear power in February 2027 Migros annonce une réorganisation en profondeur de sa structure coopérative - Le Temps

UK budget day! Netanyahu and opposition leader Gadi Eisenkot are neck and neck in Israel’s first election since the 2023 Hamas attacks, setting up a fraught negotiation period over who will form the next government. No party in Israel’s history has won an outright majority Markets : NET equity is highest on record (BBG), RBNZ delivered a 4-3 unexpected 'hold', the 'bird' fell nearly 2%, US technology momentum stocks are experiencing an unprecedented collapse (thread), in a circular economy (AI), the landlord (NDVA) will only be as successful as its tenants will be able to pay..., AI productivity yet to be seen -outside of tech (Apollo), crude a bit higher again as it looks like the US/Israel are preparing for a wave of strikes on Iran, AI stocks rally, KOSPI rallies on SK Hynix earnings, Bank for International Settlements : from 2021 to 2025, the source of 55% of AI investment was from other AI firms..... >>> otherwise USD stays firm(er) with rates and crude firm still GOLDMAN: “.. we are starting to see clearer signs that the AI impact is spreading beyond the technology sector. .. the share of US firms that have adopted AI in regular business functions now shows a statistically significant negative correlation with employment growth ..” WhatsApp Channel, Social Media: Digital Offensive Behind Lula's Brazil Win, fascinating stuff, they worked around Zuck and Musk's manipulation.. “Meta’s new stock offering along with Anthropic’s upcoming IPO will add to the surfeit of supply of equity, posing a structural headwind for the stock market. Net equity supply in Q2 was the highest on record, coming in at over $150 bn'' - BBG Goldman Sachs: Sovereign debt costs squeeze corporate balance sheets Higher Bond Yields: How Concerning? | Goldman Sachs Yeay... UK Budget 2026 live: John Healey to deliver his first Budget Elon Musk says more than 200 neoclouds will collapse Global Markets Investor on X: "US technology momentum stocks are experiencing an UNPRECEDENTED COLLAPSE: Morgan Stanley's US TMT momentum factor has plunged -62% from its high, exceeding declines recorded after the 2000 Dot-Com Bubble burst and during the Global Financial Crisis. The factor tracks momentum https://t.co/OZgvxzYWcz" / X AI productivity yet to be seen -outside of tech. "Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech. Revenue per worker is rising for the Mag 7 but is flat for the S&P 493" Apollo Slok AI-discovered PHP flaws trigger global rush to patch websites Thierry from arvy 🇨🇭 on X: "Anthropic's IPO comes with 23 unlock dates in its first year. Page 307 of the S-1 lists when insiders can sell: – Day 1: certain directors, officers, employees and consultants – Day 27 – Day 48 – Day 62 – Day 76 – Then a new window roughly every two weeks around each earnings https://t.co/RCr0LethrJ" / X The $637 BILLION bill behind Anthropic’s IPO: 1. Broadcom: $161.2 billion 2. SpaceX: $120.5 billion 3. Google: $114.5 billion 4. Amazon: $110.0 billion 5. Microsoft: $44.9 billion 6. Nscale: $44.6 billion 7. Lambda: $41.3 billion >>>>> at its Q2 pace of $11.6B revenue per quarter, it would take Anthropic roughly 14 YEARS to cover this bill. Anthropic's IPO is risky business Broadcom just guaranteed $63 billion in loans for Anthropic. The CEO of a trillion-dollar chip company had to personally intervene & use his company's balance sheet to backstop AI debt, that's how it goes these days though..., according to reports, banks were getting cold feet. They demanded higher interest rates & they wanted guarantees. And Broadcom is not alone. Several companies in the AI chain have used SPVs and "residual value support" to get deals done. The worst part? Many of these are off-balance sheet commitments that are hidden in footnotes lula's army WhatsApp Channel Social Media Digital Offensive Behind Luiz Inacio Lula's Brazil Win ON-Schuh erlebt Fiasko mit Kylian Mbappé – Inside Paradeplatz

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 (30. Sept) +21% +6.3% Performance since Jan 2016 +109% 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. Sept) + 26% +13.4% Performance since July 2015 +194% 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."

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