one thing to keep in mind when asking, "how could vcs be so dumb as to start a run on their best banking partner"...these guys are OBSESSED with apocalyptic risk. they see it everywhere. 1/
its a point of pride, an intellectual fascination, and a way to get cred. Thiel is big into this, and I wrote about it quite in my book, but the mindset is pretty common throughout the venture capital world. 2/
Here’s what happened inside Thiel’s hedge fund in 2008. 3/ 
obviously, super bearish predictions turn out to be right sometimes, but the apocalyptic thing has generally been a blind sport more than anything. thiel got killed in 2009 -- the end of world vibes didn't save him 4/
and its easy to see how some trigger happy junior VC, having drunk in decades worth of wacky end of world porn (proffered by Thiel and others like him) would find it prudent -- and prolly exciting -- to tell everyone to pull money out of SvB last week 5/
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