All-In with Chamath, Jason, Sacks & Friedberg E120: Banking crisis and the great VC reset
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Mar 17, 2023 The hosts dive into the chaos surrounding the recent banking crisis, especially focusing on Silicon Valley Bank and the communication mishaps among venture capitalists. They delve into the shifting landscape of startup financing, highlighting the Founders Fund’s split strategy. A bold discussion on superconductors unfolds, revealing their potential to transform energy systems. Lastly, a lighter note is struck as they navigate political insights related to DeSantis and Ukraine spending, blending serious economic analysis with playful banter.
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Butterscotch Pudding Incident
- Jason Calacanis recounts a dinner where he sat far from the "luxury fashion" crowd.
- He jokingly yelled across the room for butterscotch pudding, embarrassing the chef.
Banking Crisis Scope
- The recent banking crisis impacted five major banks, not just Silicon Valley Bank.
- This crisis was caused by unrealized losses from rapid Fed interest rate hikes, not VCs.
SVB Failure Prediction
- A Seeking Alpha article from December 2022 predicted SVB's potential failure due to loan portfolio losses and startup funding pressures.
- This highlights that the bank's issues were visible months before the crisis.