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Total Assets of the 371 US Bank Failures from 2010 through 2022: $168 billion

00:01 - 16/03/23

The real volatility is in bonds and not so much in stock markets. The MOVE Index – a gauge of implied volatility in the Treasury market – surged to 174, its highest level since 2009, while the Vix for equities is only slightly higher at 23

After the initial panic was squashed, S&P rallied ~15% and investors thought all clear. Meanwhile, it was only getting worse underneath the surface and then 2-3 months later it all fell apart

Shelter CPI moved up to 8.1%, the highest rate of housing inflation since 1982

The recent 3-day advance in the 1-3 year Treasury ETF (+1.88%) was a 12-sigma event. That basically means it should not have happened even once in the history of the universe. But it did, and given enough time will again, b/c financial markets don't follow a normal distribution