🟢 [E1172] Origin of Q1 VaR shock liquidation was yield curve flattening. Ended last Friday as 2-year UST yield failed to break >4%. If peak yields/steeper curve materializes, soft landing likely.

🟢 [E1040] Origin of Q1 VaR shock liquidation was yield curve flattening. Peak liquidity losers (bitcoin, private credit, software) groping for floor. If they can catch bid on steeper curve — soft landing; if not — hard landing coming.

🟢 [E1159] Peak liquidity losers including private credit are groping for floor after Q1 VaR shock. If private credit can catch bid on peak yields/steeper curve, soft landing; if not, hard landing coming.

🟢 [E1801] Peak liquidity losers include private credit. Corporate credit risks mounting due to stretched private-asset valuations, prompting long Europe IG / short US High Yield stance.