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Trump bristles at Musk’s rocketing profile as Dems play on the president-elect’s vanity, "He's [Elon] not going to be president, that I can tell you. I’m safe. You know why? He can’t be, he wasn’t born in this country." Trump talked a lot about reducing the U.S debt, and yet he was pressing House Reps to vote to suspend the debt ceiling for the next 2 years...to run an unlimited amount of debt...nothing is changing , after all he is a debt man...some sort of debt crisis looms, watch long-end UST's #duration Trump found out about Panama Federal Reserve’s flip-flops risk undermining US exceptionalism . The central bank’s highly reactive policy approach of recent years amplifies financial volatility Pentagon report says China prepping Taiwan invasion. PLA launched large-scale amphibious operations to support ‘invasion scenario' Warren Buffett's Berkshire Hathaway has a cash position of $325 Billion, or 30% of its total AUM , which is Buffett's largest allocation to cash since in 35 years European stocks are underperforming the S&P 500 by the largest amount in history, Foreign investors have piled into US stocks like never before: Foreign investors now allocate a record 59% of their assets to US equities 74% of world central banks have cut rates this year, the biggest share since 2021 Qatar warns it will halt gas supplies to Europe if fined under EU due diligence law “I’m not bluffing” in LNG threat , Qatari Energy Minister Saad Sherida al-Kaabi-FT #BTC correction coming ? money supply charts say so It’s true that Trump aides have told Europeans they want defence spending at 4-5% (which US doesn’t do itself). But it’s also true that they’ve said privately that they’ll “settle” for 3.5% . It’s not exactly the world’s most advanced negotiating strategy? Trump bristles at Musk’s rocketing profile as Democrats play on the president-elect’s vanity How long is this going to last ? Federal Reserve’s flip-flops risk undermining US exceptionalism The Kobeissi Letter on X: "The global Fed pivot continues: 74% of world central banks have cut rates this year, the biggest share since 2021. The Bank of Canada has cut rates 5 times by 175 basis points, marking the most aggressive rate cut cycle among major central banks. The European Central Bank and https://t.co/3lCB4YeEjl " / X Qatar warns it will halt gas supplies to Europe if fined under EU due diligence law – POLITICO Donald Trump threatens to retake Panama Canal and claims US is being 'ripped off' | US News | Sky News Why .. Trump Companies Accused of Tax Evasion in Panama — ProPublica Trump says Putin wants a meeting as soon as possible about Ukraine war Michael Pettis on X: "1/6 This may be a tad optimistic: "Just as a single decisive move can energize a chess game, China's latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects." https://t.co/472hoQF8io " / X Elon Musk backs AfD to 'save Germany' Elon Musk's curious fixation with Britain - BBC News Prime Minister of Italy: Threat from Russia is much more far reaching than we realise – Reuters | Ukrainska Pravda Biden signs bill that averts government shutdown (3) Bravos Research on X: "WARNING: Home prices are contracting sharply These levels were only seen 4 times since 1964: - 1970 - 1990 - 2008 - 2020 All 4 ended in sharp economic downturns https://t.co/8WIN8raQGr " / X Pentagon report says China prepping Taiwan invasion | Taiwan News | Dec. 20, 2024 18:48 Nissan-Honda merger: Japanese automakers announce plans to merge | AP News The Kobeissi Letter on X: "Is Bitcoin overdue for a correction? In the past, #Bitcoin prices have followed global money supply with ~10 week lag. As global money supply hit a new record of $108.5 trillion in October, Bitcoin prices reached an all-time high of $108,000. Over the last 2 months, however, https://t.co/i80ym4Wu7F " / X Canadian Prime Minister Justin Trudeau losing support within his party: MPs

US government shutdown looms after House rejects Donald Trump-backed funding bill. Musk Draws First Blood With Spending Bill Bombshell . Billionaire leads rebellion against bill aimed at keeping government funded through March, President Musk? SPX500, 50dma broke below on Thursday (5950), 100dma is around 5775 and the 200dma, which has not been tested since October 2023 is around 5575, keep an eye on this and equivalent is these 'corrective-liquidation risk' times, let's just say the bulls binged on 'momo fun', there might be a slight hangover in these markets, so be careful out there (with the usual lack of liquidities, if/when they are really needed, increase in vols etc, note that we have 'quadruple witching expiries today' >>> HIGHER VOLS = reduce risk exposures..and watch out for key tech levels now, its all that matters, don't own what the whole market owns..feels a little like Dec 2018 Markets now expecting '1 and a little bit' FED cut in 2025, expectations were for 4+ FED cuts back in September UST 10y yields are up 100 bps over the same period that the FOMC has cut by 100 bps China 1y bond yields 1% 'Tariffs all the way': Trump says European Union must buy U.S. oil and gas in trade ultimatum El Salvador has received a $3.5 billion financing package from the IMF. The agreement? Ditch Bitcoin. Reverse having Bitcoin as legal tender and delete their Chivo Bitcoin wallet From Brazil to South Korea, emerging-market central banks are forming a line of defense as a rising dollar pushes their currencies to multi-year lows Japan's government 'alarmed' by recent forex moves, top officials say Bitcoin supply may not be fixed at 21M, says BlackRock Not only does Apollo see less rate cuts in 2025, but they are now calling for potential rate HIKES Elon Musk Draws First Blood With Government Spending Bill Bombshell - WSJ Trump-backed spending deal fails in House, shutdown approaches | Reuters Japan's government 'alarmed' by recent forex moves, top officials say | Reuters Well, do something about it :-) - and hike in Jan Bank of Japan bids final farewell to Kuroda's radical policy experiment | Reuters Japan’s Inflation Accelerates on Energy as BOJ Seeks More Data - Bloomberg 'Tariffs all the way': Trump says European Union must buy U.S. oil and gas in trade ultimatum Reminder that it will do little to deficit... !! Michael Pettis on X: "This makes little practical sense. Using tariffs to force trade partners to buy more US oil and gas will have no effect on the overall US trade deficit, regardless of the impact on bilateral deficits, and will actually undermine US manufacturing. Trade imbalances must be" / X President Musk? Bitcoin supply may not be fixed at 21M, says BlackRock Mohamed A. El-Erian on X: "Yesterday was far from a “normal” Fed Day: Wednesday saw the largest surge in 10-year yields on a Fed Day since 2013 and the biggest drop in the S&P index for over 30 years. It has led to heated discussions among analysts as to the “why” and the “so what.” I am currently working https://t.co/76D0fWeih6 " / X And a decent UST 2y auctions coming up next week, good timing! The Kobeissi Letter on X: "Apollo with another HUGE call today: Not only does Apollo see less rate cuts in 2025, but they are now calling for potential rate HIKES. Today, Apollo officially said they see a 40% chance of rate HIKES returning in 2025. Has the "Fed pivot" been canceled again? (a thread)" / X Billions of Dollars, Bold Action: EMs Battle a Surging Greenback IMF Reaches Agreement with El Salvador for $1.4 Billion Loan 'Prince of Darkness' returns as Starmer's new US ambassador Will be a busy man! Crypto hedge funds enjoy outsized gains following Trump’s win Cyclone survivors live 'wretched existence' on cut-off island of Mayotte | World News | Sky News France’s Le Pen: Macron is ‘done’  – POLITICO Inside Syria's notorious Sednaya prison dubbed the 'human slaughterhouse' | World News | Sky News Putin says Russia is ready to compromise with Trump on Ukraine war | Reuters Ukraine war latest: Moscow to 'pester' Trump for return of diplomatic properties; Ukraine suffers 'largest cyber attack in recent times' | World News | Sky News Steve Rosenberg on X: "I asked Vladimir Putin: “25 years ago Yeltsin handed you power & told you 'Take care of Russia.’ Do you think you have? In light of significant losses in Ukraine, Ukrainian troops in Kursk region, sanctions, inflation…” Here’s his reply. Producer @LizaShuvalova @BenTavener https://t.co/60G9ncVZiy " / X BTC chart

Powell speech: It's appropriate to proceed cautiously, “From here, it’s a new phase, and we’re going to be cautious about further cuts.” , see more headlines below ! >> sticky inflation, economic picture still ok etc etc, so why cut ?, reset in risk, high rates for longer, AAPL on 40 P/E and every other super hot movers since election got hit #TSLA etc >>> US GDP, Initial Jobless Claims, Philly Fed next up today, then we have China Rate decision US PCE Quadruple Witching Friday, and this is not Dec 2018 (hopefully), but beware!, enough out there to be very cautious in near-term, we spoke about liquidity, concentration of risk, FMS cash levels, MOMO stuff lately..etc etc Y'day was the biggest 1day drop for the S&P 500 (-3%) on a Fed Day.. ever China Central Bank Warnings on Long-Dated Bonds Aim to Curb Systemic Risks BoJ not convincing about Jan hike either.. >>> 160 USDJPY again? Grantham's famous saying is: "The bigger the new idea, the bigger the new invention, the more the market becomes overpriced, the more it attracts euphoric." / Thread #VIX from 13-15 all time lows to 25+ - its mechanic ! always is >>> ''buy a hedge/VIX when you can not when you have to'' The Dow closed down for the 10th day in a row, its longest losing streak in 50 years. All of its post-election gains have now been given back China and India agree on six-point consensus as they resume high-level border talks Italy's Meloni pledges financial discipline as parliament debates budget >>> decision before year-end needed Turkish Ministry of Defense: We will continue to take preventive and destructive measures against terrorist organizations Powell : "Lower hiring rate is a signal of softening in labor market." "Wages are at a healthy, evermore sustainable level." "Labor market is cooling in an orderly way." "We're not allowed to own Bitcoin ... we are not looking for a law change." "People are feeling the effect of high prices, not high inflation." "Best we can do is to get inflation back to target and keep it there, so wage growth is faster than inflation." "I expect another very good year next year." "From here it's a new phase, we are going to be cautious about further cuts." "It's appropriate to proceed cautiously." The Fed - December 18, 2024: FOMC Projections materials, accessible version The Path for Rate Cuts Is Less Certain, FOMC Statement Suggests Bank of Japan holds rates at 0.25%, yen weakens to over four-month low China Central Bank Warnings on Long-Dated Bonds Aim to Curb Systemic Risks, Watchdog Says China and India agree on six-point consensus as they resume high-level border talks | South China Morning Post What a potential Nissan-Honda merger could mean for the auto industry New Zealand sinks into recession, more rate cuts coming | Reuters Italy's Meloni pledges financial discipline as parliament debates budget | Reuters Trump jokes aboout making Canada the '51st state' as leader Trudeau faces turmoil Nick Timiraos on X: "In September, three of 19 Fed officials thought the risks to their core PCE inflation forecast were weighted to the upside (i.e., if wrong, it was likely to be too low). Today, 15 or 19 judged the risks around those forecasts (which were raised) were weighted to the upside. https://t.co/weiaErUCiZ " / X 'Just as we liberated Aleppo, we will proceed,' says Syrian rebel who took part in seizing Hama Ukraine war latest: Kim Jong Un 'overseeing training' after inexperienced North Korean troops killed in Russia | World News | Sky News Oliver | MMMT Wealth (CPA) on X: "This man knows the market: He has predicted: 1. The Dot-Com Bubble (2000) 2. The Global Financial Crisis (2008) 3. Japan's Asset Bubble (1989) 4. The COVID Bubble (2021-2022) Here is Jeremy Grantham's latest warning 🧵 https://t.co/aRjSzkj8RL " / X Gratham speaks very highly of Japan - They are reasonably priced - They deal with social problems well - They have some quality businesses - The Yen is "stupidly cheap" Philip Pilkington on X: "1/ What is actually happening in Argentina? Has Milei fixed the country? Or do the deep structural problems remain - and are they getting worse? 🇦🇷🧵 https://t.co/t6Z537yrWV " / X Insider trading can be legal, FCA says Elon Musk giving ‘serious thought’ to Reform donation, says Farage Revealed: Brexit has reduced UK exports by £27bn, new report claims | The Independent

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 unleveraged Long only Global Equity model (suitable for all investors), and an Equity & Precious Metals Long Short model, designed to generate double 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 Global Value Opportunities Long/Short A Comprehensive Long-Short 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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