Mar 12, 2023·edited Mar 12, 2023Liked by Noah Millman

Both very interesting pieces. I wasn't aware that SVB had eliminated $10bn of interest rate hedges. Was that pursuant to selling off much of their available-for-sale portfolio? In any event, I didn't mean to soft-pedal management's mistakes in arguing that the really novel thing here is the way the run was instigated.

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