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First Quarter 2023 Letter to Investors

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.

MCRM Quarterly Letter 2023 Q1
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