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Markets :.. 30year JGB yields jump another 12bps to 3.61 (10's 2.27%..'''YIELDS will keep rising until something breaks'...old bond market adage...), Trump’s entire foreign policy is just: “Pay up, shut up, or I’ll punish you.” And now the world is responding the only way adults do: By cutting him off . ... EU readies €93bn tariffs in retaliation for Trump’s Greenland threat Europe could also threaten to restrict US companies’ market access in run-up to crunch talks at Davos , MUSK seeks up to $134bn damages from OpenAI and MSFT!, America’s $38 trillion national debt is so big the nearly $1 trillion interest payment will be larger than Medicare soon,   Salesforce have admitted, both internally and publicly, that they massively overestimated AI’s capabilities , Private credit investors pull $7bn from Wall Street’s biggest funds , Bessent says the US must take Greenland because Europe is too weak to ensure its own security, Republicans are facing growing calls to impeach Trump over his 'insane' desire to annex Greenland Trade : India’s free trade agreement with the  European Union will be the “mother of all deals,”  says Indian minister Piyush Goyal, India slaps a 30% import duty on US pulses, in retaliation for higher tariffs previously imposed by the United States on certain Indian goods, Europe may expel US military bases from its territory if the US annexes Greenland, - The Economist. The EU also may impose sanctions against US technology companies, The Moscow Times: Urals < $40 — driven by Ukraine strikes — first time since 2020! pretty bad news for RU revenues/budget.. FT - Broad mandate of Trump’s Board of Peace sets it up for rivalry with UN Body was originally planned to oversee Gaza but charter’s expansive wording suggests it could mediate in other conflicts, Trump got some big ideas ! The U.S. is preparing a possible deployment of two Army battalions to Minnesota totalling about 1,500 paratroopers from the 11th Airborne Division. That’s an elite rapid-response combat unit >>> could well be announced today, MLK day.. was leaked over the weekend too US Oil production now 20% of Global Oil Production! DOJ is now arguing that no court can force it to release the Epstein files >>> DOJ is a now officially a rogue state player that only reports to the President, & Trump has no plans to follow any rule of law that he dislikes Deutsche Bank on the Greenland tariff fight: Europe has real leverage because it’s “America’s largest lender.” DB estimates Europeans hold about $8T in US bonds and equities, nearly 2x the rest of the world combined. With USD exposure still high, more Repatriierung/Umschichtung out of dollars could pressure Treasuries, lift Renditen, and weigh on the Dollar. Trump says he plans to sue JPMorgan for allegedly ‘debanking’ him “It’s going to happen again”: Residents say ICE is treating Minneapolis as a “war zone” This looks really ugly Trump hits 8 NATO allies with tariffs as he pursues Greenland | Mint Russian Government Reports On Russian Oil Price Falling Below $40 Per Barrel - Belarusian News - Charter'97 Private credit investors pull $7bn from Wall Street’s biggest funds Funds managed by Apollo, Ares and Blackstone were among those hit by redemption requests in late 2025 America’s $38 trillion national debt is so big just the interest will soon cost more than Medicare | Fortune Judge Sends Musk's OpenAI Lawsuit to Jury Trial in Late April EU readies €93bn tariffs in retaliation for Trump’s Greenland threat Broad mandate of Trump’s Board of Peace sets it up for rivalry with UN Trump got some big ideas! Donald Trump's Gaza Board of Peace membership to cost $1 billion: Reports (1) Samantha LaDuc on X: "DOJ is a now officially a rogue state player that only reports to the President, & Trump has no plans to follow any rule of law that he dislikes. RESULT: Judges are powerless to uphold laws passed by Congress. Congress is impotent to do the will of the people. SCOTUS is" / X Quite.. (1) Peter Schiff on X: "Trump has it backwards. The U.S. doesn’t subsidize the world; the world subsidizes the U.S. The dollar’s reserve-currency status allows us to live beyond our means. Soaring debt, tariffs, and military threats jeopardize that status. When it’s lost, economic collapse will follow." / X "Recently, senior executives at Salesforce have admitted, both internally and publicly, that they massively overestimated AI’s capabilities. They have found that AI simply can’t cope with the complex nature of customer service and totally fails at nuanced issues, escalations, and long-tail customer problems. They even say that it has caused a marked decline in service quality and far more complaints. But the problems go far deeper than that. (1) Reality Is Breaking The "AI Revolution" Swiss food giant Nestlé apologises after biggest baby formula recall in its history - SWI swissinfo.ch

Markets : #USD Donald Trump’s ‘unpredictable’ policies to fuel multiyear shift from US/Pimco (turned seller of US equities)....just wait until we get to midterms.., he also threatened the use of the Insurrection Act (MUSK pushing..), #RARE White House seeks critical minerals import reductions, FED cut only in 2nd half of 2026, AMZN & Rio Tinto when tech and mining meet !, China FX interventions in Dec were MASSIVE-Thread, BofA: No signs of pulling back…Hyperscalers expected to spend $400bn in 2025 and $510bn in 2026 (A lot more debt to be issued..) >>> bonds quiet (long-end ticked ticked up a little), FX pretty quiet, USD back to early Dec levels, USDCNH 6.96 still though (key...without interventions, USDCNH would and should be a lot lower..), software stocks hammered (AI comes for free..), OIL vs Gold relative price (Crude too cheap-chart), Cocoa prices 2y lows! choccy lovers rejoice Trade : Everyone expected tariffs to reduce the current account deficit and restore US jobs. But the numbers tell a different story/Thread, France warns US that Greenland seizure would endanger EU trade-FT, Xi hails 'turnaround in China-Canada ties Geopolitics : f or the first time, Europe has blocked Russian access to the Baltic Sea (could be seriously bad for Putin), U.S-Iran...The strike was real. The reversal was real. This is state-level controlled ignition (Thread) Iran blinked. Trump flexed. But neither side collapsed. This was a trial run , the US gained full-spectrum data on Iranian readiness, US forces seize a sixth Venezuela-linked oil tanker in Caribbean Sea, EU ‘membership-lite’ plan for Ukraine-FT, Iran won’t lift the internet shutdown until at least mid-March, according to IranWire. That is completely insane. Both Fannie and Freddie report Multifamily Delinquencies rise again, hit new Post-Great recession high GOLD : In case you missed it. The four countries that bought the most gold over the past 25 years were dismissed as only ‘a small number of countries’ with a declining preference for the dollar in a paper by the Federal Reserve. The countries referred to: China India Russia Turkey US data centers will consume nearly 10% of the entire US power grid by 2030. This is 4 TIMES the percentage seen in China Iran: UN Security Council called for emergency meeting Security Council LIVE: UN raises alarm over deadly Iran protests and ‘possible military strikes’ | UN News White House seeks critical minerals import reductions - Recycling Today Amazon Web Services signs up as first customer for Rio Tinto’s ‘greener’ copper venture Nuton | The Nightly GoldNuggets — Golden Energy - by Callum Thomas The Fed is unlikely to cut interest rates any time soon. Here’s why that might be good news | CNN Business France warns US that Greenland seizure would endanger EU trade US, Taiwan clinch deal to cut tariffs, boost chip investment EU ‘membership-lite’ plan for Ukraine spooks European capitals Xi hails 'turnaround' in China-Canada ties as Carney visits Beijing - BBC News This is the perhaps best illustration that Trump's new "Monroe doctrine" is objectively achieving the exact opposite of what it intends. George Noble on X: "I JUST BROKE DOWN THE REAL NUMBERS ON TRUMP'S TARIFFS Everyone expected tariffs to reduce the current account deficit and restore US jobs. But the numbers tell a different story. China just posted a $1.2 trillion trade surplus in 2025. The biggest in history. Up 20% from https://t.co/ApGjeHbEin " / X Markets can price risk. They cannot price uncertainty. Right now markets are complacent. The VIX is subdued. Credit spreads are tight. But if the Supreme Court rules against the tariffs, uncertainty escalates dramatically. No one knows what happens to the $195 billion already collected. No one knows if companies get refunds. No one knows what Trump's next move is if he loses this authority. Donald Trump’s ‘unpredictable’ policies to fuel multiyear shift from US, Pimco says US forces seize a sixth Venezuela-linked oil tanker in Caribbean Sea Brad Setser on X: "It has been a while since anyone posted a jaw dropping intervention number. China's December intervention was done through the backdoor (the state banks) but it was massive -- $100b in spot purchases, $120b in spot and in new (net) forwards ... https://t.co/g4X5KDO8HH " / X Germany Starts Blocking Russian-Linked Shadow Fleet Tankers in Baltic and North Seas — UNITED24 Media Germany has denied entry into the Baltic Sea to the Cameroon-flagged tanker "shadow tanker" Tavian. Russia only has 2% of the Baltic coast, while NATO has the rest. A full blockade would have Putin on his knees 'Massive' Russian Losses in Ukraine Push It Toward Breaking Point: Official - Business Insider What does a debt crisis look like in the G10? There's a widespread view that G10 countries can't have debt crises because their central banks can print money and cap yields. It's not that simple. Japan is capping yields but that means its currency is falling sharply. The end of the road in the G10... Multifamily Delinquencies Rise Again, Hit New Post-Great Recession High | Mises Institute Spotify hikes prices for the third time in 3 years SightBringer on X: "⚡️This is a live containment operation. The strike was real. The reversal was real. This is state-level controlled ignition. There was a greenlight. Then a high-level override. Carrier strike groups moved. Bombers were armed. Evacuation flights were ordered, then stood down." / X

Ex GOOG CEO, Eric Schmidt: “Electricity is the natural limit for AI.” Everybody at the frontiers of the AI is saying the same thing: Power is the limiting factor/Thread-video Markets : U.S : The Nov. PPI YoY prices+3%, versus exp of 2.7%, crude down 5% as Trump said he got assurances that the 'killings' have stopped and there are no plans for executions in Iran, he also dais suddenly he has no plan to fire Powell, and apparently he never said he wanted to take Greenland :-) The FED's $420 Billion Wall Street bailout (again..), USD index trading around 50 and 200dma levels (vols super low if you looking for a sudden move), Fed’s Beige Book shows economy picking up >>>> 'ENERGY' equity breaking up #XLE (huge opportunity-see Eric Schmidt below..), JPM was down 5% after earnings, bonds and FX super quiet still, BTC bounced 10pct off Dec lows too, beware second half correction in Jan, after a 'euphoriac' start to the year Geopolitics : Iranian cargo ship Rona has reportedly sunk in the Caspian Sea which was carrying significant weapons cargo to Russia, Denmark’s Foreign Minister after the Greenland meeting: “It’s clear the president has a wish to conquer Greenland.” That’s not diplomacy. That’s colonial language, out loud, German Troops will arrive in Greenland tomorrow, under Danish command., beyond the push for a European Army, the EU just reclassified nuclear weapons as acceptable investment under its ESG finance framework , Son of Iranian Supreme Leader Ali Khamenei attempting to seek refuge in Dubai (and others it seems, also huge cash transfers out of Iran, banks collapsing, approaching end game it seems), Saudi Arabia has formally informed Washington that it will not permit United States military aircraft to use Saudi airspace for any strikes against Iran. Germany's Merz admits: It was a serious strategic mistake to exit nuclear energy The US collected a record $267 billion in customs duties in 2025, x higher than in 2024 Carney government in talks with China about EV tariffs, this would be a massive win for Beijing and one of the fastest ways Canada could fight back against Trump... Rick Rieder of BlackRock says steady CPI data show inflation is “yesterday’s problem,” while labor market weaknesses are now the Fed’s bigger concern. He notes recent strong economic growth has not translated into job gains, a trend the Fed is likely watching closely UK : Khan: We could be heading for new era of mass unemployment We are in the early phase of 4th commodity super‑cycle : a rare convergence of forces with the unwinding of a 40y debt boom, de‑globalization of trade, green‑energy transition, and renewed great‑power rivalries all round the globe, not cyclical but more like long‑term shift, core repricing, debasement of currencies, fundamental repricing of monetary metals, now it's fair to say we already have had to huge move since focusing on this last 1-2years, but now 'energy' should be the focus too.. Oil declines, gold soars in 2025: Next phase in commodity super cycle Iran latest: Protester Erfan Soltani has not been sentenced to death after fears of execution, says Tehran | World News | Sky News Q1 Outlook for Investors: “AI” party hangover needs discipline and diversification | Saxo Bank Switzerland Q4 Outlook for Traders: The Fed is back in easing mode. Is this time different? | Saxo Bank Switzerland Nuclear weapons are now ESG compliant Japan in Crisis - Robin J Brooks The BoJ is still buying lots of JGBs (blue). As long as that's going on, it makes no sense for the MoF to intervene to strengthen then Yen (black). Such intervention quite simply can't work. If Japan wants a stronger Yen, BoJ needs to stop buying JGBs... Trump says Tehran wants to negotiate as he weighs U.S. response to regime's crackdown on protests | CBC News Carney government in talks with China about EV tariffs Khan: We could be heading for new era of mass unemployment Fed’s Beige Book shows economy picking up, employment unchanged US Senate narrowly blocks effort to rein in Trump's Venezuela war powers | Reuters The Federal Reserve’s $420 Billion Wall Street Bailout Massive, unprecedented payouts from the New York Federal Reserve could signal that big banks are seriously short on cash, In all, the new bailouts are already 60% of the amount of the financial crisis TARP bailout. Silver at USD 90 when hard-asset demand meets momentum | Saxo Feels like time to buy some crude - everyone bearish etc etc . . Ole S Hansen on X: "#CrudeOil’s rebound is gathering pace, with both Brent and WTI trading at their highest levels since mid-November. The move reflects a classic short-covering and momentum-driven squeeze after many traders and investors entered the year positioned for lower prices amid widespread https://t.co/PclV4u0Fk7 " / X 𝘊𝘰𝘳𝘳𝘪𝘯𝘦 on X: "🇺🇸🇨🇳🇮🇷 Trump is threatening a new 25% tariff war? Here’s what actually happened last time, in data, not delusion. MAGA keeps shouting “We will make China hurt.” Reality? China answered with numbers, and those numbers buried Trump’s “business genius.” 1、The 145% tariff https://t.co/QWRtybz9DH " / X Meanwhile the US got: • Higher prices • Broken supply chains • Angry businesses • Zero strategic wins Conclusion: Trump didn’t expose China’s weakness. He exposed how irrelevant the US market has become. MAGA hears “strength.” The world hears a declining empire screaming at countries it can no longer control. Oguz O. | 𝕏 Capitalist 💸 on X: "Eric Schmidt: “Electricity is the natural limit for AI.” Everybody at the frontiers of the AI is saying the same thing: Power is the limiting factor. As Trump urges hyperscalers to pay all by themseves for the electricity, I think enablers of the behind-the-meter arrangements https://t.co/tsUPvEdw5A " / X

ASSET MANAGEMENT Pure Value Metrics has defined unique logic in our approach to Asset Management, combining multiple factors in our search to provide long term value for our Clients. 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). PVM Global Equity Long A Global Equity strategy focusing on quality and suitable for all investors from Retail to Institutional More PVM Multi-Asset Class Value A Multi-Asset Class Value Strategy for Professional Investors More How to Invest with us Presently we only offer discretionary managed accounts with a starting Capital greater than 500k CHF (or equivalent). If you would like to invest with us, express an interest in our listed offering, or for any other questions, please either use the contact button below or write to us directly at info@purevaluemetrics.com Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of six 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 requirements or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilize daily proprietary algorithmic screening, with a high degree of automation to analyze the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution 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. Consistent Systematic Valuation Analysis of Balance Sheet and Global Macro Trends PVM Investment Process

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