T-Bill Float Engine — three jobs, one pool

TL;DR: Fund A's 22% T-Bill reserve (Iron Rule #2) does three jobs from one pool: (1) earns risk-free yield, (2) collateralizes cash-secured puts in the Aloha Flywheel's SELL PUTS step, (3) serves as the constitutional safety floor that gates redemptions. The structural analogy is Berkshire's float — a single capital pool simultaneously earning yield, underwriting risk, and providing patient runway.

Status as of 2026-05-27: public concept reference.

Relations

Iron Rules — Rule 2 codifies the reserve floor.
Aloha Flywheel — supplies the SELL PUTS collateral.
DRIP-ON — premium parks here between collection and reinvestment.
DNSA Engine — signals when puts trigger; the float settles them.
T-Bill Float Engine — Three Jobs One Pool — Three jobs, one pool diagram.

Job 1 — risk-free yield

T-Bills earn risk-free yield against the 22% reserve continuously. In a 4-5% rate regime that's ~100 bps of fund-level NAV per year coming from the reserve alone, never at risk.

Job 2 — cash-secured put collateral

When the DNSA Engine signals a put-selling window, the reserve serves as collateral. Premium received compounds into the Aloha Flywheel. On assignment, T-Bills redeem to fund share purchase.

Job 3 — constitutional safety floor

The 22% floor cannot be raided to chase trades, fund redemptions out-of-cycle, or cover a leverage breach. It is the Iron-Rule-protected reserve that lets the fund honor its 1-yr-lockup-then-25%/quarter gate without forced selling of compounding positions.

Why one pool, three jobs

Berkshire's float is the canonical example: insurance premiums sit on the balance sheet earning yield, underwriting future losses, and funding patient acquisitions — simultaneously. The T-Bill Float Engine applies the same shape one layer down. A normal fund holds reserves to be safe. Fund A's reserve is doing real work in three direction at once. That is the source of the structural advantage when redemption gates are tested.

What the float is not

Not opportunistic cash. The 22% is a constitutional floor, not a variable allocation.
Not yield-shopping. T-Bills only — not corporate paper, not money-market funds with credit risk.
Not deployable into long positions. The reserve is for puts and gates, period.

A note on framing

This page describes a framework. It is not, and is not intended to be, a solicitation, an offer, or LP-facing material.

Sources

Internal Hussh source note - tbill float engine concept page synthesis and public wiki publication context.