An incredible podcast on the dangers of AI and the risk to us all. In a sane world, we would slow development until we could be assured that AI is aligned with humankind. Sadly we can’t trust what our enemies will do with AI if they get there first. youtu.be/AaTRHFaaPG8

Shutting down AI development for six months gives the bad guys six more months to catch up. Our enemies are working hard to develop their own @OpenAI. It would have been a mistake to delay the Manhattan Project and let the Nazis catch up. I don’t think we have a choice.

Capital allocation twitter.com/justterrifying…

36 Ukrainian brigade stops the advance of a column of Russian tanks on the eastern front. youtu.be/MkRcU3WmX6g

@TheDogFromFami1 We filed a revised registration statement with the SEC. We are waiting for it to become effective hopefully soon.

A frightening and very worthwhile read on AI. twitter.com/nfergus/status…

This is not to be missed. The world has changed. Things are different now. We just haven’t noticed yet. twitter.com/lexfridman/sta…

Depositors realizing they can earn 4% on safe short term T-Bills while they get close to 0% on bank deposits. This is a key source of continued bank runs. The free lunch that banks used to get on free deposits is ending. Interest sensitivity of deposits is sharply rising twitter.com/carlquintanill…

Valuable life advice twitter.com/tomharari/stat…

The Fed updated their balance sheet ... now ~two-thirds of QT has been reversed.

New Data Just Released by the Fed: Banks lost $98.4B in deposits from March 8th to March 15th Large Domestic Banks Gained $66.6B Small Domestic Banks Lost $120B Foreign-Related Banks Lost $45.1B Borrowing by Banks increased by $475.1B

Most vulnerable banks have lost $1T of deposits according to JPM, with more to come

$120bn decline in deposits among small commercial banks in the week ended March 15th:

There is a lot of merit to what @barrysternlich1 says. Worth a listen. twitter.com/benitoz/status…

Smaller banks hold around $2.3 trillion in commercial real estate debt, almost 80% of commercial mortgages held by all banks. wsj.com/articles/comme…

There is $1.5T in commercial real estate debt maturing in the next 3 years. The bulk of this debt was financed when base interest rates were near zero. This debt needs to be refinanced in an environment where rates are higher, values are lower, & in a market with less liquidity.

@itswooch @DennisKelleher We don’t short stocks anymore.

Jerome Powell: "The banking system is running smoothly!" The banking system:

JUST IN: Treasury Secretary Yellen says US prepared to take action on deposits “if warranted.” Yesterday, Yellen said they were no longer considering backing all deposits. 2 days ago, Yellen said they were considering backing all deposits. This is not how you reduce panic.

Stocks vomit up a 2+% gain .... So here comes Yellen with a reversal of the reversal of her reversal on deposit insurance. Works every time ... stocks green again. --- *YELLEN: PREPARED FOR ADDITIONAL DEPOSIT ACTIONS `IF WARRANTED' *YELLEN SAYS STRONG ACTIONS TAKEN TO… twitter.com/i/web/status/1…

Ted Cruz grills Tik Tok Exec who won’t answer simple yes or no questions under oath.

Trading cards can be good investments. Max Verstappen trading card sells for almost £300,000 after auction bidding war - Daily Star dailystar.co.uk/sport/f1/max-v…

Why is this important, you might ask? While tennis is an incredibly popular sport, the economics of the game for all but very few top ~80-100 players are extremely poor. Most players lose money on the tour. This is bad for the sport and unfair when compared with sports with… twitter.com/i/web/status/1…

These @Topps player trading cards are the first of many new revenue-generating opportunities to come for tennis players and offerings for fans. Tennis has enormous unrealized potential for all members of the tennis ecosystem. It is great to see the @ptpaplayers lead the way.… twitter.com/i/web/status/1…

What happened with Silicon Valley Bank was just a blip compared to the much larger timebomb sitting on bank balance sheets Here’s the even larger issue investors should worry about 🧵

Consider recent events impact on the long-term cost of equity capital for non-systemically important banks where you can wake up one day as a shareholder or bondholder and your investment instantly goes to zero. When combined with the higher cost of debt and deposits due to… twitter.com/i/web/status/1…

Yellen today: We are not considering insuring all uninsured bank deposits. Powell, at the exact same time: Depositors should assume that their deposits are safe.

@DennisKelleher I have already made clear multiple times we have no positions long or short in any banks. Our long only portfolio is publicly disclosed. Our only conflict is that we benefit when the country and economy do well. A banking crisis is not good for our economy for obvious reasons.

Yesterday, @SecYellen made reassuring comments that led the market and depositors to believe that all deposits were now implicitly guaranteed. That coupled with a leak suggesting that @USTreasury, @FDICgov and @SecYellen were looking for a way to guarantee all deposits reassured… twitter.com/i/web/status/1…

If the banks are sounds and resilient, and the situation is stabilizing, please tell bank stock investors. After Yellen's headline that they are not considering expanding the FDIC insurance cap, banks stocks tanked and are just a few bps from the low of the entire crisis.