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The Canes

03/12/23 9:55 AM

#405602 RE: FlyFishingStocks #405597

For once I'd agree with you, they telegraphed weakness causing the run. I completely disagree your chart forewarns of this calamity. In fact Cramer was touting this a month ago. His opinion is worthless IMO but he has a following and gets paid millions to espouse it.

There's no correlation via your charts to Amarin. I suppose you could make a case management making bad tactical decisions is a common thread. We’ve solved that problem via proxy.

Great article in NYTimes detailing what caused the run:
"The collapse may have been an unforced, self-inflicted error: The bank’s management chose to sell $21 billion of bonds at a $1.8 billion loss, in large part, it appears, because many of those bonds were yielding an average of only 1.79 percent at a time when interest rates had risen drastically and the bank was starting to look like an under-performer relative to its peers. Moody’s was considering downgrading its rating.
The bank and its advisers may have also made a tactical mistake: The General Atlantic equity investment could have been completed overnight, but the bank’s management also chose to sell convertible preferred stock, which couldn’t be sold until the next day. That left time for investors — and, more important, clients — to start scratching their heads and sow doubt about the firm, leading to an exodus of deposits."