The Bank Run of 2023

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 14 March 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this special episode of Live from The Compound, Samir Kaji (CEO and co-founder of Allocate) joins Michael Batnick and Josh Brown to discuss the collapse of Silicon Valley Bank and the impact it could have on the banking system and the stock market. Samir Kaji was a Senior Managing Director at First Republic from 2012-2021 where he founded and led a 40 person+ group and worked with over 700 private equity and venture capital firms. Prior to his time at First Republic, Samir spent 13 years at Silicon Valley Bank. As part of the senior leadership team within SVB's venture fund services group, he worked with venture capital and private equity firms covering firms such as Sequoia Capital, Francisco Partners, Lightspeed Partners, IVP,, Venrock, and Founders Fund. Samir also hosts the popular Venture Unlocked Podcast, where he interviews venture capital fund managers and limited partners. Samir is also a graduate of the prestigous Kauffman Fellows venture capital program. Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Good evening, if you're on the east coast, if you're on the west coast good afternoon.
0:18.9	We are live here on the compound and we are going to be talking about the bank run of
0:25.3	2023. We've got a special guest on here. Extra special tonight. Extra special. Michael,
0:32.4	tell us all about a smear before we get into the program. The absolute content.
0:38.0	Samir, what do we call the Hawaiian coast? What does that refer to us? North Shore.
0:43.3	Far west. The far west coast. So it's been a really rough week for a lot of people and we thought
0:52.1	that Samir was the perfect guest to explain to the audience like what has happened over the
0:56.5	past week and couple of days. Samir is the CEO of Allocate and spent most of his entire career,
1:03.5	plenty 20 plus years as a banker at Silicon Valley Bank and first Republic Bank. His family members
1:10.2	that still work at the bank. So I can't even begin to imagine what it's been like for you.
1:16.0	So why don't you tell us like what's happening? It's been a crazy week and a lot of us in the
1:23.2	industry have not slept. I don't think I've slept more than about two hours since Wednesday morning
1:28.4	when some of the announcement came out. But yeah, I spent a long time at SVB. I started in Silicon
1:35.3	Valley Bank back in the late 90s. I was actually lending to companies during the .com bubble. So
1:41.2	went through a couple of cycles there with it was there through 2012 then joined
1:45.2	first Republic Bank, which is another regional bank in 2012 and spent eight years there.
1:51.6	And it's just been an incredibly crazy chaotic. And it's been one of those things where I feel like
1:59.8	I'm in a perpetual game of prisoners, Delena, you know, with what's happened with these bank runs.
2:04.7	And so everything's pretty fluid. But of course, last week we had three regional banks failed.
2:12.6	Silvergate SVB, which is the big one. And then and then signature was seized by the the FDIC
2:19.9	yesterday. So, you know, crazy, crazy week. So I wanted to I wanted to start with the
2:26.8	prisoners' dilemma thing. I'm like one of the few people that don't have a strong opinion one way
	...

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