happens when you eviscerate a sector is they start to run down their deposits and they start to disappear. And when a bank loses deposits, they have to sell assets. And when the Fed is raising interest rates, your assets aren't worth as much as they used to be. So that's sort of the story. SVBs is similar, except they're much, much bigger. Top 20s bank by asset size in the US, they were banking the tech sector, they're banking Silicon Valley, as the name says. And so as venture capitalists have sort of seen their investment sour, cash burn goes up, they're basically forced into an asset sale. And the thing about banking crises is, and part of why they happen so fast is nobody, there's not really an incentive to be that concerned about banks failing most of the time. There's not an incentive to dig deep into their asset book. We don't even know what the asset book looks like most of the time. It's really the burn of deposits that caused us to look at their asset book and go, holy cow, (6/36)
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