Quote of the Day
"Everyone is blind to 99.9% of what happens in other people’s heads, but you are keenly aware of 100% of what’s going on in your own."
(Morgan Housel)
Chart of the Day

Fears of contagion has fed over into other regional banks. (chart via @ycharts)
Markets
- It's hard to see interest rates going higher at this point. (thereformedbroker.com)
- When the financial system is under stress, the trading environment is very different. (traderfeed.blogspot.com)
Stress
- The Fed finally broke something. (theirrelevantinvestor.com)
- Bank runs happen because of people. (awealthofcommonsense.com)
- Why finding a buyer for SVB this weekend is so important. (axios.com)
Crypto
- Circle, and USDC, got caught up in the SVB mess. (ft.com)
- What the odds Grayscale prevails in its lawsuit against the SEC? (etftrends.com)
Silicon Valley Bank
- How SVB went wrong, an explainer. (netinterest.co)
- SVB mismanaged its balance sheet in the face of the boom and bust of its clientele. (disciplinefunds.com)
- Why didn't regulators catch wind of problem at SVB earlier? (wsj.com)
- SVB's customers were not typical of other banks. (nytimes.com)
- The former Boston Private money management arm of SVB is a prized asset. (riabiz.com)
Venture capital
- Silicon Valley Bank played a key role in the venture ecosystem. (om.co)
- VC-backed companies are scrambling to shift funds among banks. (thebasispoint.com)
- Health and biotech startups also have big exposure to SVB. (news.crunchbase.com)
- For companies and VCs, everything moves faster these days. (howardlindzon.com)
- It's a bad look when VCs are asking for a bailout. (rationalwalk.com)
Policy
- Too many Americans cash out of their 401(k) plans when they leave a job. (hbr.org)
- Any Social Security reforms are going require compromise all around. (morningstar.com)
- Economists disagree about how to measure poverty. (vox.com)
- Cities are re-thinking parking requirements for developers. (nytimes.com)
- Can anything be done to deter Americans from moving into areas most at-risk of climate change? (econofact.org)
- States have yet to deal with teacher pension costs. (theconversation.com)
- Firearms are the number one cause of death for U.S. children. (global-macro-monitor.com)
- How remote work could increase fertility. (theatlantic.com)
Economy
- The jobs market is simultaneously hot and cold. (tker.co)
- Five reasons why pundits continue to underestimate the economy including 'Covid's effects are weird and wild and hard to understand.' (washingtonpost.com)
- Vehicle miles traveled are not a great recession indicator. (econbrowser.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)