Design a site like this with
Get started

Silicon Valley Bank Customers List – Here’s Who is Exposed


Regulators shut down Silicon Valley Bank (NYSE: SIVB) in the second largest US bank failure in history. The bank held $209 billion in customer deposits, making it the 16th largest bank in the US. Nasdaq halted trading on the stock and most analysts expect the equity to be worth zero. The stock dropped from $267 on Thursday to $39.38 in extended hours trading Friday.

94% of the company’s deposits are not FDIC-insured, meaning that the FDIC is not expected to step in and make customers whole. This means there is a chance these companies can lose some or all of this cash, or potentially wait a very long time to get it back.

Some of the notable publicly-traded companies caught in the Silicon Valley Bank mess

Silicon Valley Customers List: Full List of Stocks

Company Name Ticker Cash in SVB % of Cash in SVB SEC Filing Link
Roblox RBLX $150m 5% SEC Filing
Roku ROKU $487m 26% SEC Filing
Gingko Bioworks DNA $74m 6% SEC Filing
iRhythm Technologies IRTC $55m 26% SEC Filing
Sangamo Therapeutics SGMO $34m 11% SEC Filing
LendingClub LC $21m 2% SEC Filing
Rocket Lab RKLB $38m 8% SEC Filing
Oncorus ONCR $10m 23% SEC Filing
Ambarella AMBA $17m 12% SEC Filing
SEP Acquisition SEPA $1.2m 100% of operating
cash, 0% of trust
SEC Filing
Protagonist Therapeutics PTGX $13m 6% SEC Filing
QuantumScape QS $2-$5m 1-2% SEC Filing
Juniper Networks JNPR <1% SEC Filing
Vimeo VMEO <$0.25m <1% SEC Filing
Quotient Technology QUOT $0.4m <1% SEC Filing
Generation Bio GBIO $3-$7m 4-8% SEC Filing
IGMS Biosciences IGMS <$5m <3% SEC Filing
Novanta NOVT 0.4m <1% SEC Filing
x4 Pharmaceuticals XFOR $2.3m 2.5% SEC Filing
aTYR Pharmaceuticals LIFE <$1.5m <2% SEC Filing
Cohu COHU $12m 4% SEC Filing
Compugen CGEN <$1m 1% SEC Filing
Eiger Biopharma EIGR $8m 7% SEC Filing
iTeos Therapeutics ITEO $7.5m 1% SEC Filing
Shattuck Labs STTK $2m <1% SEC Filing
Landos Pharmaceuticals LABP $2-$5m 10-15% SEC Filing
Payoneer PAYO <$20m ~3% SEC Filing
Praxis Precision PRAX <$20m <20% SEC Filing
Neuctronics STIM <$1m <1% SEC Filing
Mirum Pharmaceuticals MIRM <$2m <2% SEC Filing
Kymera Pharmaceuticals KYRM $2.2m <1% SEC Filing
Rapt Pharmaceuticals RAPT $2m 1% SEC Filing
scPharmaceuticals SCPH $0.25m <1% SEC Filing
Repare Therapeutics RPTX <$7m <2% SEC Filing
Treace Medical TMCI <$10m <10% SEC Filing
Enanta Pharma ENTA <$12m <5% SEC Filing
io Biotech IOBT <$1.5m <1% SEC Filing
Atara Pharma ATRA <$2m <1% SEC Filing
GlycoMimetics GLYC $2m ~4% SEC Filing
Viridian Therapeutics VRDN $2-$5m ~1% SEC Filing
IVERIC bio ISEE $2-$5m <1% SEC Filing
Gelecto  GLTO $1.5m 2.5% SEC Filing
Wave Life Sciences WVE $1.5m 1% SEC Filing
Vera Therapeutics VERA $1.5m 1.2% SEC Filing
Syros Pharma SYRS $3.1m 1.5% SEC Filing
Axsome Therapeutics AXSM Unclear Unclear SEC Filing

Additionally, there’s a number of companies that haven’t confirmed or denied a relationship with the bank, but are suspected to have some assets at the bank for one reason or another.

How Did Silicon Valley Bank Fail?

Let’s think about the business of a bank first. There’s a classic saying in banking — 3/6/3: borrow money at 3%, lend it at 6%, and be on the golf course by 3 pm. This is an outdated model of how modern banking works, but its illustrative of the core of banking.

Banks borrow short-term money at low rates and lend it out for longer durations at higher rates. The spread between the interest paid on the short-term loans and that received from long-term loans is a bank’s margin.

Finance guys call this concept the net interest margin. It’s basically a measure of how good a bank is at borrowing for cheap and lending at high rates.

This brings us to the idea of a yield curve. Traditional financial theory says that longer-term debt should carry a higher interest rate than shorter-dated debt. Obviously, the longer-term the debt, the higher the risk of nonpayment, inflation, or a change in interest rates is.

To visualize this, we can look at a chart of a yield curve, which just tells you the interest rate for different loan durations. To keep things simple, we’ll use the US Treasury yield curve, which shows the different interest rates offered by different durations of US government bonds.

For instance, below is the US Treasury yield curve in 2005. Makes logical sense, right? The longer the loan, the higher your interest rate will be.

Fast forward to today. Inflation forced the Federal Reserve to hike interest rates. But something interesting happened. Short-term US government bond yields went higher than long-term government bond yields.

In other words, you get a higher interest rate for investing in a shorter-term bond. Intuitively, this doesn’t make a lot of sense. But think about it. If long-term bond yields are lower than short-term yields, maybe the market is telling you something. Maybe bond traders think that in the long-term, interest rates will go back down and only stay at today’s elevated rates in the short-term.

This concept is called yield curve inversion. And all you need to know is that it’s pretty bad for banks. After all, we know that banks make profits by borrowing cheap short-term debt and lending it out long-term for higher interest rates. When the yield curve inverts, short-term debt actually becomes more expensive, making running a bank very difficult.

This brings us back to Silicon Valley Bank. The company was essentially “short” (like short selling a stock) short-term yields, because they were making aggressive short-term loans to startup companies in the Silicon Valley area. In the meantime, they were investing cash they didn’t loan out in long-dated bonds.

But there’s plenty of banks out there that don’t look like they’re on the brink of collapse. Why did this only kill them?

There’s two more primary reasons for the company’s failure.

The first is the company was too aggressive in its lending practices. Banks, at their core, are risk managers. If a bank offers you a 10% interest rate, they think, to simplify, that your annual likelihood of defaulting is lower than 10%. They view it as a good bet. Good bankers try to make loans at a higher rate than a perfectly efficient market would dictate.

Silicon Valley Bank did the opposite. They offered high-risk startups in the tech and biotech spaces tons of loans at interest rates that were simply too low to compensate the bank for the risk they were taking. As many expected, plenty of SVB’s customers defaulted as economic conditions tightened.

But the thing that really kicked the whole bank run off was SVB selling its bonds at a loss. It was a signal to the market that the SVB strategy has failing big time. So depositors took their money out of the bank in fear. Others followed until it gained enough momentum to start an actual run on the bank.

from Growth Trader

from Growth Trader

Best Trading Podcasts – These 5 Will Bring You to the Moon

I’m one of those weirdos who has AirPods in his ears 24/7, always screaming, “WHAT’D YOU SAY?” when people try to talk to me. Insufferable, yeah. But it’s a fair tradeoff because I listen to hundreds of hours of audiobooks and podcasts on trading, investing, and finance every year. That sounds like a humble brag, but for real, if you’re doing the dishes, shopping, or working out, you may try to learn while you do it.

Great trading podcasts are pretty hard to find. Plenty of decent podcasts have the same 20 decent guests and talk about risk management, risk/reward, cutting losses, and the same old stuff you read in all the best-seller trading books. 

These are necessary, and it’s great to listen to them here and there. Really, there’s nothing wrong with them. But at some point, you’ve heard the same principles thousands of times, and you’re sitting there wondering if anyone has anything new to say.

So I’ve hunted high and low over the last several years and found several podcasts that I hold dearly to my heart. Without further ado, here are the best five trading podcasts.

Why So Many Trading Podcasts Kinda Suck

As a result of my audio snobbery, I’ve learned about ALL of the good finance podcasts. And what’s interesting is that most of the really big ones aren’t that great. You see, once a podcast becomes a “business” (no hate, if you’re into trading, how can you hate on someone trying to make a buck), you HAVE to post a podcast every day/week because you’ve signed deals with sponsors. You’ve hired editors, audio engineers, marketers, etc., who demand payment regardless if you put out an episode.

And sometimes there isn’t a compelling guest to interview, nothing crazy happens in the market, and maybe you just have nothing to say. So you’re forced to rehash the same old basic trading topics like psychology, risk/reward, etc. 

I don’t mean to sound cynical. Most of these popular podcasts are fine listens. It’s just that some smaller hosts are more hungry and driven more by a love of trading than business obligations.

Anyways, enough rambling. Let’s get into things.

Chat With Traders

Chat With Traders Podcast Logo

Chat With Traders is the exception to the “big podcasts get boring over time” rule. This interview podcast not only manages to source some of the hardest-to-reach or under-the-radar guests but also gets the most out of those guests.

Aaron Fifield, who started the podcast and has since let Tessa Dao and Ian Cox take the reins (they also do a great job), has this ability to put guests completely at ease. Maybe it’s his laid-back New Zealand vibe, but he can make any guest shine, even the more abrasive guys you wouldn’t expect to interview well.

I think the podcast’s success owes to the fact that it shoots for quality over quantity. You might see one or two new monthly episodes, but they’re always fresh. Recently, the show had Moritz Seibert on, who detailed a very niche arbitrage strategy he used to trade in illiquid European structured products. You just don’t get this stuff from your average podcast.

While my favorite guests tend to be guys that have found an odd niche in the corner of the market, the show has had some very famous guests as well. Names like Blair Hull, Sam Bankman-Fried, Doug Cifu of Virtu, and Ed Thorp come to mind.

My favorite episodes:

The Market Huddle

The Market Huddle Podcast Logo

The Market Huddle is a laid-back podcast about global macro trading hosted by two Canadian buds, Kevin Muir and Patrick Ceresena. They start the show talking about what beer they’re drinking, speak to a guest for about 40 minutes, and finish the final hour by chatting about what’s happening in markets.

The show has a few fun segments, including “Skin in the Game,” where they make prop bets on market prices. The winner has to buy the other a steak dinner or a case of beer.

Firstly, they are traders. Their time frame tends to be in weeks and months, however. But the stuff they talk about directly applies to even the shortest-term traders. While some shorter-term day traders might not see the immediate value in listening to these guys, it’s a tremendous value add.

As a trader, technical or otherwise, you’re looking for catalysts that will create supply/demand imbalances. In other words, you’re looking for assets with a reason to move. The Market Huddle is constantly highlighting the key market themes driving order flow in markets. For instance, throughout 2021 and 2022, the podcast talked about oil. The supply constraints that stop new production from coming online, the logistical nightmare of Europe sourcing refined oil products outside of Russia, etc. 

All of these macro factors trickle down and have dramatic effects on stocks most exposed to those factors.

Plus, they have Harris “Kuppy” Kupperman on every month for “Kuppy’s Corner,” which, in my view, is the best 30-60 minutes in finance content every month. Kuppy’s ability to pinpoint inflection points is uncanny, and his hedge fund’s returns show it.

Favorite Episodes:

The Friendly Bear Podcast

The Friendly Bear Podcast Logo

The Friendly Bear is hosted by a guy who shorts parabolic microcaps. His strategy is super profitable but extremely risky. I’ve seen a lot of guys carried out by the market when trading this way so I give him massive respect because all signs point to him being great at executing this.

What I love about Friendly Bear is that he interviews tons of no-name day traders. Mostly his friends on Twitter, who maybe have a few hundred followers. Very few of these guys have courses, newsletters, or chat rooms to peddle. Frequently they’re anonymous and don’t play the brand-building game.

So you get honest insight from guys who have figured things out independently. For instance, I really enjoyed his interview with a guy named Arius.

Additionally, Friendly Bear will also just interview anyone interesting. I’ve heard him interview a guy who managed a mutual fund during the Go-Go Years in the 1960s. He interviewed a guy to talk about the Chinese Balloons, as well as activist short sellers.

He also does periodic trade reviews, highlighting how these pump-and-dump stocks dilute shareholders.

Favorite Episodes:

NO BULL: Market Talk With George Noble

NO BULL: Market Talk With George Noble Podcast Logo

No Bull is just an excellent podcast format. It starts with one guest with a primary theme to present and often has slides and charts to accompany it. It then moves on to my favorite part, the roundtable. 

Very actionable stuff. 

The show’s listeners are a tight-knit group with their own insights to share. Each guest might hop on for five minutes and share some insights they see in the market and which trades they’re making.

They also let listeners ask questions. And because the show is hosted on Twitter Spaces, question-askers can actually hop on and have a dialogue with the show.

I don’t have a favorite episode because it’s such a timely format, each episode loses its utility within a few weeks. 

Listen to the show here.

Stock Market Stories

Stock Market Stories Podcast Logo

Stock Market Stories is a show with a lot of potential, but as of writing, there are only six episodes released since 2019. However, the show recently started producing episodes again in late 2022. Still, it remains to be seen if the show will publish anything in 2023.

The show aims to spotlight traders who make money in out-of-the-mainstream ways. The six guests run an exciting range of disciplines, from a “nihilist” day trader who follows few rules, to a political gambler, to an event-driven hedge fund guy.

I’d love to see the show produce some new episodes soon.

Favorite Episodes:

Honorable Mentions

I failed to mention plenty of other great podcasts, so I’ll give them a quick honorable mention.

  • Flirting With Models: this one is run by a quant named Corey Hoffstein. Always a solid listen.
  • According To Sources: this one is amazing, run by a great ex-First New York trader Michael Samuels, but hasn’t posted since 2019. Talks about merger arbitrage and the larger M&A world.
  • RCM Alternatives: this show has on a lot of the big names in the volatility trading social media community. Lots of interesting insights on markets from a different perspective.

from Growth Trader

from Growth Trader