I did national radio this week and, as a consequence, I heard much more talk radio that I normally get to enjoy. There was a lot of coverage of Silicon Valley Bank. None of it got anywhere close to what I learned talking to Zach Abraham, CIO of Bulwark Capital Management and my friend, great supporter of the ‘Cast and weekly guest. Hopefully, you will agree.

I learned:

• A $1 billion offset against SVB’s $88 billion investment in mortgages could have neutralized their loss! Zach explained what instrument they should have purchased the moment they bought the mortgages and then, when things were blowing up, what even a marginally good risk manager would have done.
• Bankers used to be personally liable for losses of this size when the errors were so basic; Zach explained when that changed
• We can protect out cash in our accounts when it is over $250,000 (like when we sell a house or are getting read to buy one), simply by using a specific type of account
• The Book of the Bible Zach turns to when he wants to remind himself how God views returns on investment and the stewardship of what the Lord grants us to manage.

What does God say?

1 Samuel 2:1-10

Hannah’s Prayer

2 Then Hannah prayed and said:

“My heart rejoices in the Lord; in the Lord my horn] is lifted high.My mouth boasts over my enemies, for I delight in your deliverance.

2 “There is no one holy like the Lord; there is no one besides you; there is no Rock like our God.

3 “Do not keep talking so proudly or let your mouth speak such arrogance,for the Lord is a God who knows, and by him deeds are weighed.

4 “The bows of the warriors are broken, but those who stumbled are armed with strength.5 Those who were full hire themselves out for food, but those who were hungry are hungry no more.She who was barren has borne seven children, but she who has had many sons pines away.

6 “The Lord brings death and makes alive; he brings down to the grave and raises up.7 The Lord sends poverty and wealth; he humbles and he exalts.8 He raises the poor from the dust and lifts the needy from the ash heap;he seats them with princes and has them inherit a throne of honor.

“For the foundations of the earth are the Lord’s; on them he has set the world.9 He will guard the feet of his faithful servants, but the wicked will be silenced in the place of darkness.

“It is not by strength that one prevails;10 those who oppose the Lord will be broken.The Most High will thunder from heaven; the Lord will judge the ends of the earth.

“He will give strength to his king and exalt the horn of his anointed.”

• BREAKING: Newsom Under Fire For Failing to Disclose Personal Ties to Silicon Valley Bank While Lobbying for Bailout
• Shareholder Liability and Bank Failure; the authors propose doing what Zach suggested and bring back liability for bankers who make grossly negligent decisions with their depositor’s money.
• Kevin Hassett reveals "there were buyers who were willing to step in & buy [SVB, but] the radicals at the @FDICgov basically weren’t going to allow that to happen ... the Biden Admin had a whitelist of companies that were allowed to buy the failed bank & companies that weren’t."

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