Macro Monday: Yep, its SVB time...plus why dynamic asset allocation does work

I’d dearly like to avoid talking about SVB but I’m afraid I have no choice, if only because what happened speaks to my discussion about interest rates last week.

The best summary of the SVB affair I have seen is from the always entertaining Matt Levine who last week wonderfully summarised the whole affair thus:

“And so if you were the Bank of Startups, just like if you were the Bank of Crypto, it turned out that you had made a huge concentrated bet on interest rates. Your customers were flush with cash, so they g…