March 23, 2023
Inflation sign
It’s not often that we’re going to agree with what Jim Cramer says on CNBC, so soak this in.  The issues we have seen with SVB, Credit Suisse, Signature and even Silvergate are anti-inflationary.  These problems, though each has their own nuance, are likely to increase bank scrutiny on every new loan that is issued. ...
Read More
Woman buying with credit card
Stephen Squeri, chairman and chief executive at Amex, said in a letter to shareholders.  “Millennial and Gen Z customers, who are our fastest-growing customer cohort in terms of both new account acquisitions and card spending, comprised over 60% of our new consumer proprietary accounts globally”.
Read More
Empty office
In talking about bank failures and SVB/Signature, it’s easy to dismiss the problems as unique because these were unique banks.  One was focused on VC and the other had huge Crypto exposures.  Obviously, these were bad actors, and this couldn’t happen to others right?  Well….YES, it can happen to others and sometimes “stable” assets experience...
Read More
SVB in court
Last week we mentioned that there would be more to the story of SVB and Signature Bank.  Frankly, this story has so dominated the news that it is very difficult to avoid even as we think about a very broad set of asset classes.  A few days into this crisis we can’t help but feel...
Read More