Banks Fail & Markets Go Up?
Markets are actually up following last week’s scary bank runs. Does that mean things are OK? What does this mean for investors? This week Steve and I sat down to discuss these questions. The following video summarizes what we know – and what we don’t know.
Rich Bank, Poor Bank
It is worth emphasizing that we just witnessed the second and third largest bank failures in US history. Then the second largest Swiss bank fell. Markets are up, yet we do not believe this drama is over for reasons discussed in the video.
Be sure to listen to the end where I emphasize the importance of financial advisers being independent of their custodians (rather than employed by them).
Please reach out if you have questions or want to discuss any concerns you have regarding your own bank or custodian.
Yours in the Field,
Frank Byrd, CFA
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