I really think SVB is a symptom of the VC bubble bursting more than it is evidence of a systemic failure of the US banking system beginning a-la 2008. I assume that’s not what a lot of people who follow me want to hear. But I think it happens to be true.

I don’t actually think this is a repeat of 2008, tbh.

For what it’s worth, I don’t think this is the beginning of widespread financial system contagion. Although, I don’t think this is the last shoe to drop, either.