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In the end it's a distinction without a difference. The result is the same, and Thiel was building the fire escape before anyone could smell smoke.
by scruple 8mo ago
In the end it's a distinction without a difference. The result is the same, and Thiel was building the fire escape before anyone could smell smoke.
- epistasis 8mo agoI don't think you can credit Thiel with smelling smoke, he lit the fire. He heard the same statements from SVB leadership about the problems with T-bills and higher fed rates, realized that there was a huge spread between current market value and long market value of SVBs T-bills, and threw a match on it.