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.
See https://themacrocompass.substack.com/p/banking-crisis
Also https://www.apricitas.io/p/the-death-of-silicon-valley-bank
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.