Sam Altman

I think most CEOs are either great leaders or great managers.

And from what I have observed with Satya, he is both.

Super visionary, really like gets people excited, really makes long duration and correct calls.

And also he is just a super effective hands-on executive and I assume manager too.

And I think that's pretty rare.

I mean, he's just like done an unbelievable job, but he is amazing at being like,

clear and firm and getting people to want to come along but also like compassionate and patient with his people too i'm getting a lot of love not fear i'm a big satya fan

I think they just like horribly mismanaged

while chasing returns in a very silly world of 0% interest rates, buying very long-dated instruments secured by very short-term and variable deposits.

And this was obviously dumb.

I think

Totally the fault of the management team, although I'm not sure what the regulators were thinking either.

And it's an example of where I think you see the dangers of incentive misalignment.

Because as the Fed kept raising, I assume that the incentives on people working at SVB to not sell at a loss their super safe bonds, which were now down 20% or whatever, or down less than that, but then kept going down.

That's like a classic example of incentive misalignment.

Now, I suspect they're not the only bank in a bad position here.

The response of the federal government, I think, took much longer than it should have.

But by Sunday afternoon, I was glad they had done what they've done.

We'll see what happens next.

What I think would be good to do right now is just, and this requires statutory change, but it may be a full guarantee of deposits, maybe a much, much higher than 250k.