Signature Bank
Since early March, the stock market has been far more driven by fear than fundamentals, which has led to what I believe to be a bubble in stocks perceived as being “safe.”  When you pay 50% too much for a stock, a simple reversion to the mean can cause disastrous permanent losses of capital.  Conversely,...
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This morning we woke up to the news that JP Morgan has purchased the vast majority of the assets and deposits of First Republic with the help of the FDIC bank-funded insurance fund.  This deal removes the last lingering overhang from the panic-induced bank runs that we saw in early March, which led to the...
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The last two weeks have been about as volatile and fear-driven as we’ve seen since March 2020.  While these crises always seem existential at the time, the reality is that we get these periods of high stress just about every year, and the reasons are always different.  Just last year, the Russian/Ukraine war and rampant...
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    7242 East Cortez Rd
    Scottsdale, AZ 85260
    Phone: 805-886-8140
    Fax : 949-335-9784