The recent events in the banking industry are already being called a “Global Banking Crisis.” We’ve received a number of questions about banks, mostly concerning their safety and soundness, and we thought it appropriate to devote this letter to demystifying banks. Ultimately, we’re bullish on well-run banks and the financial system in general. But there is a lot we don’t take for granted. We think that banks will have their day in the sun again as well, though it may necessitate some serious reforms.
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