The Insight: Conversations – Performing Credit Quarterly 1Q2023
The Memo by Howard Marks
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The Implications of the Silicon Valley Bank Meltdown
The Silicon Valley Bank meltdown is a reminder that banks could actually lose money in processes where they were just trying to earn a moving fee. I think we should expect to see more, not less oversight of the way banks use their balance sheets to earn fees. A large market is emerging where the banks are shrinking. That's the opportunity set I see right now in terms of changes.
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