Quote of the Day
"The Takeconomy unfortunately awards those that scream fire in the crowded theater."
(Kyla Scanlon)
Chart of the Day

Small caps don’t like bank crises. (@CameronDawson with chart via @ycharts)
Finance
- Why First Republic Bank ($FRC) isn't bouncing. (thebasispoint.com)
- WeWork ($WE) has reached a deal with Softbank to restructure its debt. (nytimes.com)
- Fidelity Crypto is now live. (theblock.co)
SVB
- SVB didn't go bust because it was woke. (theverge.com)
- But poorly managed remote work maybe did. (axios.com)
- How the downfall of SVB could affect climate and biotech startups. (nature.com)
- Why many people want SVB to survive in some form or fashion. (semafor.com)
- Money moves so quickly making it hard to combat a bank run. (mrzepczynski.blogspot.com)
- The Fed is a bad bank regulator. (mattstoller.substack.com)
Fund management
- Tiger Global wrote down the value of its venture portfolio by 33% in 2022. (wsj.com)
- Despite diversification efforts, private credit still drives Ares Management ($ARES). (institutionalinvestor.com)
Economy
- Has the banking crisis increased the odds of a recession? (axios.com)
- Industrial production was flat in February 2023. (calculatedriskblog.com)
- It's hard to run a semiconductor manufacturing plant without trained workers. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: third places. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: combating burnout. (abnormalreturns.com)
- Don’t waste your emotional capital investing out of spite. (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)