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[@brandonmoretz](/creator/twitter/brandonmoretz)
"Synthetic Risk Transfer: SRTs allow banks to insure loans against default by selling credit-linked notes to pension sovereign wealth and hedge funds. That means banks are able to bolster their solvency ratios or free up capital to pursue growth. Typically a lender obtains default protection for between X% and XX% of the loans value. Ive written about these many times; banks have been using them to bulk sell toxic private assets on leverage since last year. We stole the concept from the Europeans then cut all the regulations around them. This is your only warning you fucking shill. I do not"  
[X Link](https://x.com/brandonmoretz/status/1978390436914868486) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-15T09:20Z 1190 followers, XX engagements


"S. Korea is different. This is about them protecting the won vs US$; and the swap line puts pressure on the Fed; this is months-old news it's strictly about their commitment to funding $450M for "US Investment" - which they are calling a bluff on via swap line (puts pressure on the Fed if this happens). One side plays chess while the other creates distortion through headline prints. Hope this helps"  
[X Link](https://x.com/brandonmoretz/status/1978798861276602666) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T12:23Z 1192 followers, 2767 engagements


"The context for this is VIX XX. It was last under that level April 25th. Everything from then until the next trigger () has been thrown into this ungodly vortex & will unwind at breakneck speed. There is a reason -X% days are not allowed; do with that information what you will"  
[X Link](https://x.com/brandonmoretz/status/1978857515610677492) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T16:16Z 1196 followers, XX engagements


"@Gamma_Blast_ you may want to improve your feed"  
[X Link](https://x.com/brandonmoretz/status/1978878434253136353) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T17:39Z 1198 followers, XXX engagements


"@yieldsearcher again to whom"  
[X Link](https://x.com/brandonmoretz/status/1978949785601143024) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T22:22Z 1191 followers, XX engagements


"Like I have a place for my 'physical $VIX' deliveries; I'm assuming I can just reuse that facility right"  
[X Link](https://x.com/brandonmoretz/status/1978950281791512964) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T22:24Z 1191 followers, XXX engagements


"@rev_cap VIX never crossed XXXXX intraday"  
[X Link](https://x.com/brandonmoretz/status/1979306273024938363) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-17T21:59Z 1193 followers, XXX engagements


"@amendandpretend the entire country is propped up on this trash. tbh its not even the loans but the leverage multiples. well yeah its both. $PSP is a decent basket to short"  
[X Link](https://x.com/brandonmoretz/status/1975696756248817844) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-07T22:56Z 1217 followers, 2170 engagements


"Let's call $USB on Monday; maybe we can raise the bar w/ a 100x vehicle; we can prob come up with the $10M seed using like $XXX cash + derivatives crypto at this point (don't have to worry about crazy uncle b/c they'll be insolvent before us - genius). We're gonna have to raise the fees tho; it's gonna be a lot of work for us to pull this one off"  
[X Link](https://x.com/brandonmoretz/status/1977357224327389605) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-12T12:54Z 1223 followers, XXX engagements


"@StealthQE4 No. They are only willing to fund their "US Investment" pledge via a swap line to protect them against ccy (won) risk - and also doing so would put extreme pressure on the Fed as believe this or not - there is an actual US$ shortage; but go on about the debase trades and such"  
[X Link](https://x.com/brandonmoretz/status/1978797588431405156) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T12:18Z 1205 followers, XXX engagements


"The hits keep coming $NVDA $AMD (prob not ideal for data center demand. but we're putting those in space so. 🙃): "Abstract Recent advances in Large Language Model (LLM) agents have demonstrated their promising general capabilities. However their performance in specialized real-world domains often degrades due to challenges in effectively integrating external tools and specific prompting strategies. While methods like agentic reinforcement learning have been proposed to address this they typically rely on costly parameter updates for example through a process that uses Supervised Fine-Tuning"  
[X Link](https://x.com/brandonmoretz/status/1978882578536124571) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T17:55Z 1227 followers, XXX engagements


"@VladTheInflator ORCL"  
[X Link](https://x.com/brandonmoretz/status/1978919341274902577) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T20:21Z 1202 followers, XX engagements


"@DonMiami3 he's busy ripping ccy trades; don't worry we'll find out how big the mess is later"  
[X Link](https://x.com/brandonmoretz/status/1979229989447881088) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-17T16:56Z 1226 followers, XXX engagements


"perhaps theres a middle ground btc obviously a sham honestly having doubts about monetary & fiscal policy as well. nothing truly matters at all. 40T debt & X% 30y. in what world Beccent manufacturing demand for usdt printing tether tokens billions dollar funds get liquidated mid day into zero liq (unmatched orders buy & sell 500k+ qty lots by the 100s). mkt doesnt move X bp. PC funds selling their own bank debt back to the banks to getting SRT wrappers back for default protection & financing on their own loans. in all honesty at what point does nothing truly matter getting to the point the"  
[X Link](https://x.com/brandonmoretz/status/1979297561341993326) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-17T21:24Z 1227 followers, XX engagements


"its all starts with basic math that doesnt foot - we call this fraud. thats typically how you go about finding it. workout the basic structures for that the supply and demand levels look like that drive yields & levels once you figure out that doesnt work well get into leverage multiples on debt. then off balance sheet liabilities at the backs getting circular invested with SRTs. the numbers just keep getting more unreasonable so you should workout the basics first. also liquidity. how does a $1B fund with 100+ transactions on 500k+ qty lots per name get order mismatched in the biggest most"  
[X Link](https://x.com/brandonmoretz/status/1979356110554337719) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-18T01:17Z 1209 followers, XXX engagements


"@DerivativesDon Backstone rly cant get an order fill at that qty"  
[X Link](https://x.com/brandonmoretz/status/1979359157804482918) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-18T01:29Z 1225 followers, XX engagements


"John Kerschner from $JHG on @business today said $JAAA is "safe liquid and diversified." Further stating that CLOs are safer than CDOs (the root of XX crisis) these two are not the same while adding CLOs performed well during the GFC and COVID eras such that these assets are recession proof. I want to address each of those points separately; however first lets have a quick overview of exactly what a CLO is and the underlying investments $JAAA holds. For reference here is the full interview: Now lets quickly glance over the prospectus for $JAAA which can be found here: If you look directly at"  
[X Link](https://x.com/brandonmoretz/status/1967690944238719051) [@brandonmoretz](/creator/x/brandonmoretz) 2025-09-15T20:44Z 1231 followers, 3386 engagements


"Intel MKL is a proprietary library of optimized math routines including BLAS that is highly tuned for Intel hardware. Historically MKL was so much faster on Intel CPUs than generic or open-source BLAS libraries that many software packages like NumPy and MATLAB used it as a default especially for large matrix operations. why intel dominated scientific computing & gaming for a decade (rise): Performance advantage: The performance lead was due to Intel's deep proprietary knowledge of its own hardware architecture allowing it to fine-tune MKL's functions to get the most out of new instruction"  
[X Link](https://x.com/brandonmoretz/status/1973225494658117751) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-01T03:16Z 1231 followers, XXX engagements


"I should clarify: Yes BDC common equity is worthless short it or w/e but it's costly and if using options there are much more efficient uses of capital by shorting 2nd/3rd order derivatives of this trade. Retail MFs issued by these ass-hats & examples of MFs (leveraged on shit): Invesco Floating Rate ESG Fund Guggenheim Floating Rate Strategies (the rly have the balls to list a C-Class on leverage) NFIIX Neuberger Berman Floating Rate Income Fund These will go underwater on leverage - you will owe your broker money after they blow up because you also own the leverage. Hope that makes sense. I"  
[X Link](https://x.com/brandonmoretz/status/1976620102947680610) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-10T12:05Z 1231 followers, 1799 engagements


"This will be my final post on the private credit/syndicated loan topic; I've written about it from every angle I can think of in a series of posts. I realize much of this is simply too overwhelming to comprehend & appreciate especially the magnitude at which this exists. There are 19k PE firms and 14k McDonald's in the US. The PE term is so broad that there isn't a single accurate definition because they all engage in unique deals. However this business is fully entrenched in every sector of the United States both public and private. From your local waste management company to the largest"  
[X Link](https://x.com/brandonmoretz/status/1977017150880497980) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-11T14:23Z 1231 followers, 81.2K engagements


"Comparing US & EU regulations in capital markets is a joke. I even said initially 'we stole this concept from Europe then deregulated the fuck out of it." That's the initial basis upon which this discussion is based. Europe has a good idea we stole it and made it fraudulently this is what we do in America; or are you not from here How is it healthy & stable to take off-balance sheet private risk so fucking toxic they have to sell it in bulk & take an 85-90% haircut on it Even DE Shaw the best of the best took a stab at this trash and said "nah we're good" after one batch. But you're telling"  
[X Link](https://x.com/brandonmoretz/status/1978470109795541091) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-15T14:36Z 1230 followers, XX engagements


"if you like circular financing youre gonna LOVE bank debt. Untraceable Counterparty Risk (lives in ether just yielding FCF). Theyre having a big sale on this stuff at oddly the banks via Synthetic Risk Transfers (SRTs). So if you build a PC fund if its big enough & you have defaulted obligations pkg them up (gotta do it in bulk like Costco) you can reinvest in a SRT of them (which can also be used as further collateral for more loans bc obviously) & get debt protection & financing interest at the same time. literally free risk-free money (again if youre big enough). look at this trailblazer:"  
[X Link](https://x.com/brandonmoretz/status/1978633481467920520) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-16T01:25Z 1231 followers, 1318 engagements


"To be clear I may seem like the most bearish person on this Earth but: Scott Bessent ripping currency trades: while Japan triple-dog dares the 'Iron Lady' on the 'Takaichi trade': If this Asian dip gets ripped even I will be at a loss for words:"  
[X Link](https://x.com/brandonmoretz/status/1978992548434641080) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-17T01:12Z 1231 followers, XXX engagements


"bruh really hes sold literally every fucking day since june. theres a website idk why they bother filing fraudulent F-144 restricted transactions with made up dates like at that point which crime are you really avoiding also him & every fucking ceo/BOD in the world. jassy @ $amzn even sold off his fucking 401k match position. market will not move 50bps down until every dollar is sold. tbh i think marc benioff @ $crm straight-up naked selling at this point. $50M a day every fucking day"  
[X Link](https://x.com/brandonmoretz/status/1979332857261588856) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-17T23:45Z 1231 followers, 34.3K engagements


"maybe @DerivativesDon can explain this. He's very good with accounting and assures me that I'm a crazy "conspiracy theorist" -- because math is controversial I get it. @RudyHavenstein wouldn't appreciate fraud like this either he knows there is no such thing. @SamanthaLaDuc is an accounting wiz surely this all adds up Any more accounting wizards want to explain this to me like I'm a two-year-old"  
[X Link](https://x.com/brandonmoretz/status/1979569162398708088) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-18T15:24Z 1231 followers, XXX engagements


"@DerivativesDon @RudyHavenstein @bennpeifert seems to understand math -- at least a fundamental level; perhaps an insight into this My current understanding of monetary & fiscal policy is flawed and I struggle to interpret any government numbers. Perhaps someone more skilled in math could assist IDK"  
[X Link](https://x.com/brandonmoretz/status/1979572502264246433) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-18T15:37Z 1231 followers, XXX engagements


"Randomly for no particular reason I thought Id skim the notes from the Oct. 15th FDIC meeting. Thought it might be useful given all this noise about bank failures and such. Great news everyone; BDCs with all that high-quality lending capacity are going to step up and start bidding on emergencies in case any failures should start spreading quickly like a contagion of sorts: We have also made improvements to our least-cost test model which the FDIC uses to estimate the cost of different resolution options to determine which is the least costly to the DIF. . Furthermore we also plan to"  
[X Link](https://x.com/brandonmoretz/status/1979655330998140928) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-18T21:06Z 1231 followers, 1354 engagements


"A key thing to remember about private loans is the leverage multiple; these loans are never 1:1 but rather 10:1 15:1 25:1 or 50:1. The higher tiers of leverage are not provided directly by the issuing bank & post-issuance they are not classified as exposure to said bank the counterparty exposure on said loan is transferred to the purchasing entity once subscribed to the issue. How The firm participating in the deal has an open line of credit at another bank known as the trustee. The participating firm & trustee have pre-negotiated the broader lending terms & posted the initial funding"  
[X Link](https://x.com/brandonmoretz/status/1975609704773787822) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-07T17:10Z 1230 followers, 64.9K engagements


"It appears I have a lot of new friends so welcome I realize I probably come across as a doomer permabear; however the intent is to warn/inform about things I see that are let's say less obvious or even outright confusing without the underlying context for a headline/financial 'greek' speak etc. Rather than trying to provide 'investment advice' or w/e -- this is saturated to the point there is no value I can add here and my trades are weeks/months (I have open shorts from March this year to give you an idea). Think of my shtpost as the annoying risk manager/compliance officer trying to keep"  
[X Link](https://x.com/brandonmoretz/status/1976287674618024408) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-09T14:04Z 1231 followers, 2326 engagements


"For context this is my final Q&A thread on $RDDT that got me banned 3mo ago: This is the worst possible outcome from what I knew then; however I only knew how to extrapolate an outcome given the current situation. What's changed The situation is so much worse now and unimaginable fraud has fueled this fire at the highest levels. Nothing is comparable at any scale to any other point in history; I'm aware at least. I'll try to explain further on the fraud & why this situation is so unimaginable on a global scale. I do not believe a simple "market crash" is the outcome as it will solve none of"  
[X Link](https://x.com/brandonmoretz/status/1979885130899456386) [@brandonmoretz](/creator/x/brandonmoretz) 2025-10-19T12:19Z 1231 followers, XXX engagements