Tom Michaud

speaker

480 appearances 1 recordings 1 series first heard Jun 2026 last heard 3 Jun

Tom Michaud’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · “We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11 · 3 Jun 2026 podcast

is dangerous.

And so that's why it's all tied together.

So for a bank, it's different because in a technology company, unfortunately, investors can lose a lot of money if it doesn't go well.

But in the banking system, if a bank gets in trouble, well, then folks worry about their deposits and their life savings.

Well, let's talk about the similarities.

So the similarities, and look, these were companies that were succeeding, doing very well.

I think the chain of events is number one is we had zero interest rates, which really hadn't happened before.

So money was essentially free.

So there was tremendous growth in technology.

In the case of Silicon Valley Bank, a lot of those proceeds found their way to Silicon Valley Bank.

So Silicon Valley Bank, two years in a row, essentially just for rounding numbers purposes doubled.

Banks don't double in size in an average year unless something unusual is happening.

And then in hindsight, they doubled with uninsured deposits.

And at the same time, what happened was the government – then later on, the government started to change policy.

And what Silicon Valley Bank did was they took these deposits and bought long-dated bonds and then went into what they thought was a safe harbor, which was holding bonds at cost and not marking them to market.

And then the Fed went on a 67-year aggressive rate-increasing campaign to have more restrictive monetary policy, and those bonds went way underwater.

And on a mark-to-mark basis, it wiped out the equity of the bank.

And the regulators gave them a pass and said, well, you hold it to maturity.

We're going to let you count those bonds at cost as capital.

But the market wasn't as friendly.

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