^^^^^^^^^^^
There was a bank run this week by tech workers and V.C. backed companies.

I read today that the startups are fucked by this, nearly 90% of tech startups used SVB.

quote:

Originally posted by southernmaninla:
The house of cards is crumbling. Silicone Valley Bank just collapsed 2nd largest bank failure in US history. https://www.cnn.com/2023/03/10.../svb-bank/index.html

Silicon Valley Bank

He was thinking about tits.

For the past couple of decades, venture capitalists and tech startups have relied heavily on being able to borrow money cheaply. But money is no longer cheap to borrow, thanks to the rapidly increasing interest rates. So the salad days of thousands of tech startups being able to blow through millions of dollars each per month in the hopes of eventually "hitting it big" are coming to a screeching halt, and the banks like Silicon Valley that catered to that approach are spiraling down with it.

The good news is that smaller depositors are going to be covered under the FDIC, up to $250k, and access to accounts under that limit will be restored by the FDIC by Monday. So Mom and Dad will be able to access their checking and savings accounts. But Mom and Dad's tech company employers may not be able to access their funds at SVB to cover their $5M in monthly business expenses and payroll.

There seems to be a run on Crypto lender Signature Bank too.

That's a shame.

It appears that more than 93% of the $161 billion dollars in deposits at SVB are uninsured.

Oof.

I just read an article stating that $21 billion in deposits were pulled out before the FDIC stepped in, which is about 13% of their total deposits, and SVB had to sell off immature bonds at a total $2 billion loss in order to try to meet the massive withdrawal demands.

So basically, before the FDIC halted the hemorrhaging, SVB had lost roughly 23 billion dollars. (Along with nearly 64% of their stock value...)

Sounds like there's going to be a lot of tech companies that banked at SVB that won't be able to make payroll or pay the bills this month.

Well, what will the next few weeks bring?
Besides buying opportunities

Many are not in a position to buy.

quote:

Originally posted by Dakor:

quote:

Originally posted by southernmaninla:
The house of cards is crumbling. Silicone Valley Bank just collapsed 2nd largest bank failure in US history. https://www.cnn.com/2023/03/10.../svb-bank/index.html

Silicon Valley Bank

Sorry my tits are jacked. LOL

quote:

Originally posted by old rugged cross:
Well, what will the next few weeks bring?
Besides buying opportunities

Many are not in a position to buy.

Still too soon is my position.

[/QUOTE]Sorry my tits are jacked. LOL[/QUOTE]

HODL

quote:

Originally posted by L90814:

Sorry my tits are jacked. LOL[/QUOTE]

HODL [/QUOTE]

Yes SIR

Two weeks ago I bought some additional JEPI and SCHD ETF shares but I'm not buying anything at the moment. Monday and rest of this week (or this month for that matter) should be interesting for the market especially if people get rattled about the larger banking community.

It does seem like positive catalysts are totally absent. Sometimes that is time to buy. Things are different this time. This time we have Joe running the show. What could possibly go right?

quote:

Originally posted by ZSMICHAEL:
He was thinking about tits.

Who ain't


...

It is getting close to time to start buying back into stocks. I believe there is another leg down and then a broad slow bottom. Dollar cost averaging for me, probably starting in June or July.

Right now looks like a massively great time to buy into precious metals. We are already overweight so I am not buying more, which I may regret but I get comfort with diversification.