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Iran Updates : Iran foreign minister says that talks with Oman about transit in the Strait of Hormuz are in their “final stages.”, Trump calls off Iran strikes, crude up, risk up, Iranian Foreign Ministry spokesman Baghaei: as long as U.S. "aggression" continues, the strait stays closed. An agreement with Oman over the route is not enough to reopen it Markets : MS upgrades KOREA TO OVERWEIGHT, JPY had it coming, U.S., Japan confirm coordinated yen intervention signal readiness for more ( so they agree JPY is too weak by 10% or so minimum..), The U.S uses EURO to buy JPY (to avoid signalling weaker USD signal..), the real BIG question now is whether the carry trade is still on the agenda, we only corrected 4-5% in USDJPY (this is NOT enough to take out long-.term carry trades...), this intervention was with the U.S participation, so it should/has to matter !..., CHFJPY still way out of PPP valuations (we still like this cross lower), equity markets put in the 'Leopold lows' late last week (when the cat is out of the bag 'Leopold liquidation', it marks the lows, pretty standard stuff..), DAX makes new all time highs as we start August Japan’s Finance Minister Satsuki Katayama said: “We will not hesitate to conduct further coordinated intervention.” Germany's jobless rate 6.4%, back at 2020 pandemic levels Switzerland’s new energy challenge: keeping cool in a warming climate Leopold Aschenbrenner Breaks Silence After Hedge Fund’s $45B AI Bets Lead To 67% Crash In June [Investor Letter] France's 30-Year Yield hits highest level since the Global Financial Crisis, 4.78% Italy moves toward reviving nuclear power after four decades, with next-generation reactors potentially operating by 2033 Japan, US confirm joint yen-buying intervention, signal more action | Reuters Yen intervention: U.S. Scott Bessent, Japan confirm intervention Acyn on X: "Reporter: Why is the U.S. intervening to support the Japanese yen at this time? Trump: Japan’s been very good to us, with the exception, of course, of Pearl Harbor. https://t.co/MY2uFdDBYA" / X The answer to this question is mathematic. Japan owns $1.143 Trillion in US debt, according to the US Treasury. So if Japan needed to defend its currency without the US buying Yen it would almost certainly sell its US debt. That would lead to a rise in the interest rates. Kommt Vincenz mit blauem Auge davon? – Inside Paradeplatz Air conditioning in Switzerland: a new energy challenge Cyberangriff auf «Verzeichnis wirtschaftlich berechtigter Personen» - Vaterland online Silver outlook: room to run, but not to sprint – The Armchair Trader Fifa abandons $20bn investment plan after global backlash So the sky is not the limit for Gianni.. Leopold Aschenbrenner Breaks Silence After Hedge Fund's $45B AI Bets Lead To 67% Crash In June [Investor Letter] Migrants say hunger and hostility drove them back from Spain's Ceuta to Morocco | Reuters

Not sure the Leopold version the world got to know in July 2026 will get a statue.. FOMC final : So many different takes on the FOMC, I don't actually trade bonds much, and I actually like the maximum-confusion press conference !! >>> it probably means that truly understanding how markets work will matter most from here on... rather than CNBC and other pundits being constantly spoon-fed what to think.... Markets : Tech stocks are crashing, long-term rates are at highest levels since 2008, Inflation IS sticky closer to 3-4%, 2 wars waging, gas prices spiked, and seems suddenly Mr Market hates the new Fed chair (in place thanks to Trump & Bessent..!).., And yet…the S&P500 is 2% from all-time highs ....., 10's UST is back to 4.65% (same old levels.., mind you, given inflation levels, it should be more like 5.7%...if it was allowed to trade there by market forces..) let's all calm down..for now anyway >>>> BoJ unch, warns core infl going above 2% target, #JPY interventions detected 163.75 USDJPY down 400pts rapidly..(NEEDS to go sub 200dma 158 area to really worry the USD bulls).., U.S. GDP growth slows to 1.5% in Q2, once the news came out about Leopold, it was the lows, as if often always the case with these large sudden liquidation scenario, Citadel grabs the whole portfolio, vols crush, markets rally, once the cat if out of the bag, its the lows... and overnight KOSPI goes up 15%.. casino royale !, MSFT rallies to the tune of $500bn market cap in ONE day.. Brexit believers should ask one simple question: where do we have more real control today than we did before? (Thread) India’s Sarvam announces it’s developing a trillion-plus parameter AI model from scratch that’s five times cheaper than global rivals Meta’s Case for Its AI Spending Keeps Getting Weaker. The all-out splurge is running into higher costs, borrowing constraints and investor pushback It is clear to me after speaking to Zelenskyy the next 100 days of the Ukraine war will decide its outcome-Donald Tusk Polish PM Blue Owl’s private credit fundraising falls to slowest pace in three years Trump exploded and lost his temper during a security meeting, shouting and cursing out of frustration over the military options presented to him and the lack of progress toward a deal with Iran, per NBC News. A US official adds "after all this time, there is no unity" inside the administration, which is "facing a strategic defeat without clear policy guidance or a decision about where this is going." An ally close to Trump adds the president is "exasperated" and there was "not a real strategy for how long or what they should do." How Leopold Aschenbrenner, the ‘golden child’ of the AI trade, was laid low All ended up at Citadel of course.. AI-focused hedge fund sells all of its stocks BOJ holds rates at 1%, warns of core inflation above target Oracle Brings Google Gemini Models to Enterprise Customers OpenAI discounts GPT-5.6 Luna and Terra, but not Luna AI: The Wheels Are Coming Off - by George Noble The entire AI trade rests on one company that loses money ON PURPOSE. OpenAI is the load-bearing wall holding up the whole thing, accounting for $17.2 billion of Microsoft's Azure spend and driving 69% of its annual growth, which means if the venture money stops, the counterparty risk cascades straight through Microsoft, Oracle, and CoreWeave. Underneath that sits the accounting trick I've been talking about for months, where hyperscalers stretch data center useful life from 15 years to 25 to bury depreciation and flatter their margins while the GPUs inside go obsolete in three. Banks in talks to lend $15 billion for Anthropic data center backed by Google Yemen's Houthis claim attacking Saudi oil facilities amid escalation Liz Webster on X: "Brexit believers should ask one simple question: where do we have more real control today than we did before? Sovereignty is the practical ability to shape your future, protect your economy and withstand global shocks. On energy, food and trade, Britain has become more https://t.co/8sfdm0XJvl" / X Meta’s Case for Its AI Spending Keeps Getting Weaker - WSJ Blake Morrow on X: "USDJPY just hit the 200dma on intervention https://t.co/559PyedLH3" / X The Great Martis on X: "Japan🇯🇵 is currently executing what may become the most catastrophic monetary policy error in modern financial history. The Bank of Japan (BOJ) is trapped in a brutal, zero-sum macroeconomic corner: they cannot raise rates aggressively without completely nuking the finances of https://t.co/X6z8kU8mKY" / X

FOMC : Divided Fed holds rates: the central bank left rates unchanged in a 9-3 vote, but chair Kevin Warsh declined to signal the next move, leaving markets guessing and sending yields on 30-year US Treasuries to 5.2%, their highest since 2007, He flags the intermeeting move in real and nominal yields (materially higher, top-decile intermeeting move), frames it as the reduction in forward guidance working as designed: "We haven't done much in 42 days. The markets have done quite a bit." >>> AND that is what they wanted, cut forward guidance, bring in a more 2waqy risk for markets, give less of 'one way bet' for market specs... make sense ! the supply of bonds, durations form govt, AND hyper scalers IS an issue which wasn't priced...>>> The post-meeting press conference is a vehicle for forward guidance. Warsh has stopped it and restated that today at the top he is "steering clear of forecasting," and "market participants are learning to play the ball, not the referee." America tried to choke off China’s chip access, but instead pushed China to innovate faster. The result is cheaper, more efficient AI, and China may have gained the edge through necessity rather than brute force If Nvidia is so rich why has its credit costs (5y $ CDS) exploded in the past months? GAAP net income of $45.5bn in Q1 and yet? More like 'Mind the Gap!' Markets : The other Korean index, the KOSDAQ, is nearly back to April 2025 lows!..(60% round trip..), Microsoft and Meta split investors, U.S. Debt now exceeds 100% of GDP for the first time since World War 2, South Korea's Stock Market has plunged more than 33% this month, in FX land CHF continues to grind lower, as expected, not a whole lot happening on USD side, though slightly softer yesterday as long-end sol doff hard! let's hope this doesn't go the way of JPY and JGB's... US FTC sues Hims & Hers for sending user health info to Meta, Snap so KOSPI down 33% this month... More than 360,000 margin accounts were forced into liquidation in Korea, per Citi. 62% of those wiped out were reportedly under the age of 35 Nick Timiraos on X: "Some highlights from Fed Chairman Kevin Warsh's second press conference: He flags the intermeeting move in real and nominal yields (materially higher, top-decile intermeeting move), frames it as the reduction in forward guidance working as designed: "We haven't done much in 42" / X The bond market says ''Warsh has lost it, he is nuts' no guidance etc >>> let's just hope USD and UST don't go the way of JPY and JGB's... clearly...if he looses #duration and the long-end it is going to be a biblical mess !...markets can move very quickly these days.... On the other hand, rightly or wrongly Warsh warned of no forward guidance, so it HAS/HD to mean more of a 2way risk and thus higher VOL... At the end of the day he was Trump's choice, chosen by Bessent, and it's backfiring... Greg Yip : This Warsh contradiction has been nagging at me. At Sintra at the start of the month, he took comfort at the recent decline in bond yields, implying bond markets understood low inflation was on the way. Today, he took comfort at higher bond yields, saying they will deliver low inflation. How can this be: that lower bond yields are reasons to feel good about inflation, but higher bond yields are not a reason to feel bad about it? Without him articulating a monetary and economic framework, these statements make it feel like he's winging it. Jim Bianco on X: "The Warsh press conferences aren't going to work in their current form, and it isn't because he's dodging. The post-meeting press conference is a vehicle for forward guidance. Warsh has stopped it and restated that today at the top he is "steering clear of forecasting," and" / X Trump’s Tariffs Are Sending Some Companies Back to China - The New York Times Drone hits US gas storage tanker at Egypt's Damietta Mediterranean port | The Jerusalem Post Trump: U.S. will hit Iran hard after surprise attack Consumers, AI spending likely supported US economic growth in the second quarter | Reuters Barchart on X: "South Korea's Stock Market has plunged more than 33% this month, on track for its worst month in history, surpassing the October 1997 IMF Crisis (-27%) and the October 2008 Global Financial Crisis (-23%) 📉 📉 https://t.co/CqyoIOAXc0" / X It’s great news for holders of Greggs shares Blurred Orbits: Inside China’s Commercial Space Expansion DoorDash launches in-house drone delivery program after FAA certification | Reuters Got to love progress but this is so stupid EXCLUSIVE: US FTC sues Hims & Hers for sending user health info to Meta, Snap | Reuters

Pure Value Metrics AG is a Global Asset Manager based in Pfäffikon, Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors Pure Value Metrics Switzerland For Swiss and International Clients, we provide comprehensive tailored asset management and innovative multi-family office services, including trusts. We facilitate multi-generational capital appreciation solutions. Unique Relative Value investing supported by detailed balance sheet analysis PVM is a Swiss based asset manager for Global Markets, 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. Latest Monthly Client Report PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog Crude softer, Trump calls Iran strikes off ../ Eq : Leopold lows late July / U.S & Japan confirm JPY intervention #EURJPY July Eq markets : the 'Leopold' correction & Citadel lows!! / JPY intervention again, USD peaks short-term / FOMC..? Warsh's no guidance >> 30y UST yields biggest move ever on FOMC day / NVDA CDS / KOSPI -33% in July Media Apperances 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 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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