Johann Kruger

[Johann Kruger @preparedmindz]

@bagga_buntyy1 Merv Hughes

[Johann Kruger @preparedmindz]

@SagarH62 Brian McMillan

[Johann Kruger @preparedmindz]

@bagga_buntyy1 Shaun Pollock. Very distinguishable bowling action.

[Johann Kruger @preparedmindz]

@GoldPredictors That is never a bull flag. More like a hopium flag.

[Johann Kruger @preparedmindz]

@bagga_buntyy1 Curtley Ambroze

[Johann Kruger @preparedmindz]

@OversLife Mornantau Hayward

[Johann Kruger @preparedmindz]

@TechCharts Interesting, Aksel. Did the fund go overweight other stocks, or convert the underweight to cash until the downside target was met?

[Johann Kruger @preparedmindz]

@jonbking A put that far out of the money (40%!) won’t get you much premium and if the market does fill you there, you will probably not want it anymore. You will have to sell the put closer to at the money or wait for the stock to drop before selling the put at $30.

[Johann Kruger @preparedmindz]

@Imrxn_45 Robin Smith, England. Not a bowler (except maybe in the nets!)

[Johann Kruger @preparedmindz]

@Imrxn_45 Alec Steward. I am sure more than 1% of cricket fans know who he is.

[Johann Kruger @preparedmindz]

@SagarH62 Rent Boult and Shane Bond

[Johann Kruger @preparedmindz]

@Imrxn_45 Andrew Hall. Very underrated player.

[Johann Kruger @preparedmindz]

@truflation I hope Kevin Warsh's task forces can come up with something like Truflation to support monetary policy decisions. US rates have no need to me increased and shrinking the balance sheet will cause funding issues for the government and banks.

[Johann Kruger @preparedmindz]

@Imrxn_45 Lance Klusener. You should try harder.

[Johann Kruger @preparedmindz]

@niccruzpatane @AndreasSteno You can’t just focus on the success stories. Show on your list all the IPOs of the period when the above companies listed and what happened to their share prices for a complete picture.

[Johann Kruger @preparedmindz]

@bagga_buntyy1 No space for Jacques Kallis?

[Johann Kruger @preparedmindz]

@KobeissiLetter This comes after the SnP500 said it won’t be relaxing its rules to force inclusion of SpaceX into the index. Sounds like Musk is worried his IPO might fail. And the banks due to get $20bn for underwriting it might also have whispered in the ear of the President.

[zerohedge @zerohedge]

Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA https://t.co/GIlXdpT2pk

[George Noble @gnoble79]

NVIDIA IS BUYING ITS OWN CHIPS AND CALLING IT REVENUE

And your retirement account is secretly holding the bag.

This scheme is literally straight out of the Enron playbook...

In January 2026, a special purpose vehicle called Valor Compute Infrastructure was created with one purpose:

Buy Nvidia's chips so Nvidia could book the sale as revenue.

Valor raised $5.4 billion and purchased over 100,000 of Nvidia's GB200 GPUs.

But $1.9 billion of that money came FROM Nvidia itself.

Nvidia invested $1.9 billion into the shell company, then sold that same shell company $5.4 billion worth of its own chips and booked every dollar as revenue.

It's the Girl Scout whose dad bought all the cookies and then she wins the sales contest because Dad was the customer. Except this Girl Scout is a trillion-dollar company and the cookie sale is $5.4 billion.

But it gets MUCH worse:

The remaining $3.5 billion in financing came from Apollo Global Management. Apollo structured the debt, packaged it into securities, and then sold those securities to Athene.

And guess who Athene is? Apollo's OWN insurance subsidiary. The one that sells fixed annuities to American retirees as safe, conservative retirement products.

Follow the chain:

Nvidia funds a shell company with $1.9 billion. The shell company buys $5.4 billion in Nvidia chips. Apollo finances the remaining $3.5 billion. Apollo sells the debt to its own insurance arm. That insurance arm packages it into annuity products and sells them to retirees who think they're buying something safe.

The retirees have no idea that their retirement savings are now backed by 100,000 computer chips sitting in some data center that will be worth pennies on the dollar in three years.

Now look at what's happening inside Athene:

$74.2 billion in US reserves but $217 billion in assets have been shifted to a Bermuda-based captive insurer, outside normal US regulatory oversight.

$103 billion of that portfolio (roughly 35%) is classified as Level 3 assets. That means there is no observable market price.

These assets are valued by internal models, not by actual markets.

And sitting on top of all those unpriced assets? 16.6x leverage.

If you're getting flashbacks to 2008, you should be.

Back then it was mortgages bundled into securities that nobody understood, sold to investors who had no idea what they were holding, rated as safe by agencies that never looked under the hood.

Today it's GPU-backed securities. Computer chips bundled into structured credit instruments, routed through an offshore insurance subsidiary, and sold to you as a retirement product.

The collateral is 100,000 GPUs leased to a single customer through an xAI subsidiary. If xAI stops making lease payments for any reason - financial distress, a pivot in strategy, anything - the entire structure unravels.

And Nvidia releases new architectures every year, so each generation delivers dramatically more compute per watt. A 5 year lease on technology that's obsolete in 2 years creates a mismatch that should terrify every annuity holder in America.

Every single step in this chain is technically legal. The SPV is legal, the lease is legal, Nvidia's equity stake is legal, the securitization is legal, and the Bermuda transfer is legal.

But legality and legitimacy are not the same thing.

I've seen every trick Wall Street has ever pulled in my 45 years of doing this.

And what I'm looking at right now is a pipeline that takes AI infrastructure risk, launders it through 8 layers of financial engineering, and deposits it in the retirement accounts of Americans who never agreed to fund Elon Musk's data centers.

In 2008 it was mortgage-backed securities.

In 2026 it's GPU-backed securities.

Different asset. Same greed. With the same ending.

[Johann Kruger @preparedmindz]

@SagarH62 Ian Botham