So when I was a fund manager and CIO of a fund complex, we always used to be upset with the distribution folks as to why they can't sell our funds...being an allocator now I understand why...they are all the same...other than short to medium term performance...most of them sound, feel, look the same...true of MFs, PE, VC, HFs...very disheartening actually Having been on both sides, I should probably write up as to how to differentiate...but the problem is that the biggest differentiation is in the process...and there is not much there there...

So, what is the biggest macro lesson out of the SVB episode...
Here are a few...
1...For any significant financial institution dependent on callable funding, a funding crisis can manifest itself instantaneously. Regulators have to adjust accordingly 2..If needed, the Fed would accept safe collateral at par...would probably means liquidity driven bank crisis should be less frequent and a perpetual bid for discount safe assets for HQLA and liquidity purposes