Overwhelming amount of content on SVB situation right now. Here’s what I’ve gathered: 1) It is sad as hell. This bank has been around for decades and was a bedrock of the startup ecosystem. People making jokes about it are simply bad people. 2) This is nothing like the financial mismanagement of ‘08. Yes, SVB bought $80bn in low yield MBS. No, this wasn’t specific to SVB. 3) SVBs biggest mistake was poor timing of corporate comms around their fresh capital raise. People thought their need for capital was similar to Silvergate situation. 4) SVB had massive customer concentration risk. With primarily startup & VC customers, fear accelerated at lightning speed. 5) Who’s to blame? No one but if you want to point fingers, aim them at the US government’s money printer. 6) What happens next? Most likely scenario: many startups feel the pain & go into survival mode as they struggle to fund operations. Worst case scenario: emotional contagion impacts other mid-sized banks.