Markets : Xi skips UN General assembly to meet Trump instead, crude falls for the 6th session, more talks of Hormuz opening (UN meeting promises - let' see), potash deal (Trump talked about - questionable), Greenland deal (nothing really new but it sounds good for Trump), Saudi Arabia reopens East-West pipeline, Rutte talks of NO NATO membership for Ukraine (thus allowing for war to end..this IS potentially now going to happen), Trump : Nothing artificial about 'Super Intelligence' >> Techs lead gains again, energy/crude related stocks underperform, UST curve flattens with 2s near 4.76% while 10's yields smalls down to 4.94%, hence USD stays bid and with SPX500 at-near all time highs (QQQ same, europe, china lagging) We need to mine as much copper in the next ~20 years, just to maintain 3% global GDP growth, as we've mined in all of human history... No small feat...!! #copper (chart) >>> when prices get out of hand, market can switch to #SILVER #XAGUSD !!... which is a better conductor of electricity Small Cap Stocks are underperforming the Nasdaq by the largest margin in history Goldman Sachs’ just released their 12-month forecast: S&P 500: +13.7% Asia-Pacific stocks: +27.2% Gold: +18.1% U.S. 10-year yield: 5.0% → 4.5% Brent crude: $104 → $78 >> another way of describing their forecast: ''THE SHOW GOES ON'' The cost of hiring an oil tanker on the benchmark trade route has soared above $1.2 million per day for the first time in history The value of the IPOs of SpaceX, Anthropic and OpenAI is expected to surpass $5 trillion. “Now compare that with the entire history of IPOs from 1980 to 2025. The 3,365 tech companies that went public in that period were worth a combined $4.1tn when they started trading." / Thread Howard Marks echoes Stan Druckenmiller’s criticism of recent Treasury buybacks, saying yields will likely stay high in the face of sticky inflation and big deficits. “It’s a problem with US fiscal management” and potential problem with the US dollar World shows hints of bucking Trump at the UN - POLITICO Trump heaps praise on Middle East leaders at UN meeting on Iran war | Middle East Eye Shall We Repeal the Laws of Economics – Part III Donald Trump praises ‘natural businessperson’ Andy Burnham after first meeting | Andy Burnham | The Guardian Trevor Noren on X: "Stunning stat: "Anthropic’s investors are expecting the company to reach a valuation of $2tn when it goes public in the coming weeks. Add in SpaceX, which began trading at $2tn after its IPO in June, and OpenAI, which is considering raising money privately at $1.2tn ahead of a https://t.co/3t2zJ2qpYM" / X Anthropic makes things more uncomfortable for OpenAI ahead of IPO - TheStreet Why your index hedge stopped working - by Simon Ree '''The main takeaway is one I keep coming back to. While this market appears calm on the surface, it’s only because violent moves underneath are cancelling each other out''' unusual_whales on X: "There is expected to be a big shortfall in copper form 2027, per FT: https://t.co/BbT9dfCdtw" / X Yeps.. Liz Webster on X: "🚨 Burnham tried to appease Brexit and Brexit punished him for it. The Times reveals an extraordinary sequence of events. The EU had reportedly been prepared to exempt Britain from its “Made in Europe” rules, protecting our deeply integrated car industry and supply chains. But https://t.co/fYmn2TzsRc" / X GOP Senator Seeks Probe Into Russian Oligarch Paying For Trump Jr. Wedding Barchart on X: "The cost of hiring an oil tanker on the benchmark trade route has soared above $1.2 million per day for the first time in history 🚨 🚨 https://t.co/mCS4vXAeQR" / X Jesse Rodriguez on X: "Gallup: Record-high 89% of Americans think their government is corrupt https://t.co/r71FUP4T9v" / X

Markets : crude softer as market expect UN General Assembly meetings opens a diplomatic off-ramp, risk rally hard, META, NASDAQ to record close (AMD to $1trn valuation etc), BTC breaks UP through 50 and 200 DMA's, FED's Warsh starting to look like Volcker (Apollo), US 10-year real yields have hit a 20+ year high, yet gold ETF holdings continue to rise (Saxo-chart), Germany’s economic crisis has become a political crisis >>> 10's UST just under 5% (steady higher, no drama or panic, risk carries on higher AS markets expects something from UN gathering in NYC..), USD stays firm(er), as expected !!.. BTC is feeling the love going into medterms (Trump's likely announcement to shift reserves into BTC..), "Chinese gold imports through August topped 1,000 tons, surpassing the total posted for the whole of 2025." (chart), another $211BN being raised this week in Treasury auctions - relentless, follow auctions results here live Live US Debt Monitor Several Asian refiners have been told informally by Saudi Aramco they will soon be able to pick up oil from the Red Sea port of Yanbu >>> just 1 week after they told Europe shipments were delayed... #GBP UK government borrowing surges in blow to Healey ahead of Budget The world doesn't have enough oil supertankers right now, triggering the biggest ever rally in crude shipping costs Why the world’s hottest stock market is a national liability. South Korea’s wild stock price swings are hurting the country’s image British Columbia sues OpenAI in US court over Canada school shooting G7 strongly condemns Houthi strikes on Saudi, calls on Iran to end support All Iran airlines to be 'shut down' from Wednesday, Bessent tells CNBC G7 strongly condemns Houthi strikes on Saudi, calls on Iran to end support | International Fertilizer stocks tumble after Trump signals Belarus potash deal By Investing.com Nothing new, could have done this anyway... U.S. to reopen Cold War-era military base in Greenland security deal Not just in UK Hundreds of US flights canceled due to outage Warsh Starting to Look Like Volcker | The Daily Spark UK government borrowing surges in blow to Healey ahead of Budget British Columbia sues OpenAI in US court over Canada school shooting China expels 2 top generals 'disloyal' to CCP: Why is Xi Jinping purging PLA's top ranks? Alibaba shares jump as new AI chip, data center buildout plans unveiled Inside Turkey's stock market scandal as authorities rush to contain fallout | World News - Business Standard Ole S Hansen on X: "US 10-year real yields have hit a 20+ year high, yet gold ETF holdings continue to rise. A striking break from gold’s traditional inverse relationship with real yields, suggesting investors increasingly view rising yields as a signal of fiscal and debt risk rather than simply an https://t.co/MU81Hh2B98" / X German chancellor Merz vows to stay on despite ‘disaster’ in regional elections Swiss neutrality initiative could face heavy defeat Oil Market: The $1 Million-a-Day Oil Tanker Will Drive Inflation - Bloomberg Why the world’s hottest stock market is a national liability Nic on X: "China is buying gold at RECORD levels. Gold imports have topped 1,000 tonnes this year, already exceeding all of 2025. At the same time: - Chinese gold ETFs have added ~44t YTD - The PBoC bought 20.2t in August - PBoC gold holdings have risen for 22 straight months Chinese https://t.co/D9pMccrZNB" / X Nic on X: "The silver market is heading for its SIXTH consecutive year of supply deficit. To put it into context: The cumulative deficit since 2021 is equal to c. 92% of yearly production. This while industrial demand keeps climbing. Eventually, prices are going to have to reflect this. https://t.co/lozcut9doj" / X

NatGas : Europe needs to buy incremental LNG and pipeline gas at the same time as it competes with Asian buyers. Storage is roughly 67% full, versus a seasonal norm near 83%, so purchasers have less time and less flexibility to wait for cheaper cargoes >>> chart here EU Natural Gas - Price - Chart - Historical Data - News >>> Higher prices are in fact the market mechanism needed to attract LNG cargoes to Europe rather than Asia. Equinor has said Germany should be able to secure adequate gas, but at high prices; TTF front-month prices have already reached their highest level since January 2023... higher prices, risk premium in European gas—particularly TTF winter contracts—until storage targets look secure or global LNG availability improves, Europeans are paying about 12x what Americans pay for NatGas... read that again... Iran and Gulf states to meet in push for Hormuz deal | Regional states hope temporary shipping agreement between Iran and Oman can offer a pathway to ease hostilities and reopen the strait, after...Iran-aligned Houthis seized control of Yemen's port city of Mocha and advanced down the Red Sea coast to strategic islands, military sources said, hours after President ​Trump said he expected the Iran war to end after the U.S. midterm elections. (Reuters) => Brent Oil Trades Near $107 as Houthi-Saudi Fighting Escalates, Saudi Arabia finds itself in an exceptionally serious (weak) position Markets : 10's to 4.95% this week in anticipation of U.S CPI today, FED Sep hike now 70% priced in (and 2 more thereafter - seems enough ?), USD not really higher on higher rates #debasement risk , Microsoft Corp. plans to more than triple its data center capacity, equity markets slightly softer on mainly higher oil, to be honest fixed income following Crude which has rallied hard these last 2 weeks, the Houthis taking complete control of Mokha IS a BIG issue for the U.S and the world, global bond sell-off continues overall this week, not just a U.S thing.., ECB hiked as expected, more to come, next up BoJ to hike and stay hawkish (important for JPY), SPX500 tested 50dma yesterday, back above this morning ahead of CPI, strong UK GDP #GBPCHF grinds higher still... AI may become the third superpower. The threat to mankind is real, and Trump and Xi need to develop a shared strategy to confront it, writes Paul Tudor Jones, FWIW, I'm with PTJ on this one ! Bessent says ‘a large bank’ will be sanctioned on Monday as part of Iran strategy The yen’s sharp rally could reverse toward the upper 150s per dollar if expectations for faster Bank of Japan rate hikes and a shift by pension funds toward domestic assets fail to materialize, according to Barclays Saudi crown prince urged Trump to strike Houthis amid Red Sea threat Trump said 'NO'.. Mocha - Google Maps Strategic in the Red Sea.. Houthis Near Complete Control Of Yemen Key Port City Bringing Red Sea Shipping Under Threat | Times Now Saudi Arabia finds itself in an exceptionally serious position. Following the latest strike on the Abqaiq–Yanbu pipeline—which had reportedly become the last remaining route for oil exports after the blockade of the Strait of Hormuz—Saudi oil exports have effectively come to a halt. The situation is further aggravated by reports that Riyadh has applied for a substantial World Bank loan amid mounting economic pressures. The Houthis’ control of the Bab al-Mandab Strait would represent another major setback for Saudi Arabia, particularly as around half of its vessels were already reportedly facing attacks or blockages. It is difficult to see how the Saudis will extricate themselves from the crisis into which they have placed themselves. UK economy beats forecasts with 0.4% growth in July Amongst all the doom and gloom that is in the UK.....GBPCHF quietly pops its head above 1.10... Bessent says 'a large bank' will be sanctioned next week AI May Become the Third Superpower - WSJ Nvidia stock edges higher on Microsoft data center expansion report Oracle earnings show slower cash burn as AI spending starts to pay off; stock jumps 4% after market The World’s Most Critical Line - Tavi Costa The US dollar is approaching one of its most consequential technical tests in years. U.S. Debt Matters, but the Euro Area May Create the Next Crisis | dlacalle.com The solution is not more government, monetization, intervention, or more taxes on productive capital. The answer is credible spending cuts, lower structural deficits, stronger incentives for private investment, and reforms that eliminate regulatory burdens and lift productivity as well as economic growth. If nothing changes, U.S. debt will continue to tighten global financial conditions, but the euro area may still be the place where the next sovereign crisis erupts. Michael Pettis on X: "1/2 Caixin: "China defended its large current-account surplus, saying the funds generated by its export strength are recycled into overseas investments that support industries and financial markets abroad." https://t.co/kwMVJozteJ" / 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. August) +21% +7.1% 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 (31. August) + 26% +10.6% 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."