Linkedin post | Ken Kwang | Silicon Valley Bank (SVB)

 Silicon Valley Bank (SVB) was thriving. Credit losses are fairly low. Its deposits TRIPLED from 2019 to ‘21.

I like to highlight a few mistakes of SVB. 

How’s that a problem? It sounds great, right?

1. When banks accept deposits from clients, they OWE the client that money. So deposits are liabilities to the bank. Liabilities cost money……”cost” both to serve those clients (branches, tellers etc ) and any interest the bank pays you on your checking account (deposit).

2. To pay for the cost of those liabs, banks turn them into assets: lending deposits as small business loans, mortgages, etc.
If a bank can’t lend deposits responsibly, it often uses excess to BUY loans or “securities,” like US Treasuries & Mortgage Backed Securities (MBS)

3. As mentioned above, from 2019-2021, the deposits tripled! SVB needed to take those funds & acquire “assets” to pay its costs.

4. Much of the $ was from VC-backed companies that needed a place to deposit the $ they raised. Those are big deposits.

5. Deposits were pouring in too fast to lend responsibly. SVB recognized that. Rather than make dumb loans, SVB bought assets guaranteed by the US government - Treasuries and MBS. BUT, it bought long duration. Often 10+ year bonds.

Mistake!

6. When rates rise, fixed income prices fall.
A general rule of thumb is for every one year of “duration,” each 1% interest rate move impacts the price of the bond by:

1% x Duration

A 1% move on a 9 yr duration bond is ~9% +/- on the bond price.

But banks are levered…

7. Remember: banks generally acquire assets by using deposits (liabilities) as the capital source.

And banks like SVB are levered 10:1 or more: owing $10+ for every $1 of shareholder equity.

If you’re levered 10x, a 10% loss on assets is a 100% wipeout.

8. So SVB bought high quality assets, but it bought tons of them with LONG duration at LOW interest rates.

When the Fed raised rates, those assets declined in value…

…1% x Duration.

Those losses, multiplied through the leverage at SVB, caused a big problem!

9. SVB now has a mark-to-market hole in its balance sheet. It’s “just” mark-to-market: as long as its liabilities are sticky (ie, depositors leave their money SVB), it will ultimately be fine.
But that’s a big “if.”

10. Technically, if all the depositors ask for their $ back at once, SVB needs to sell those bonds at the mark-to-market value, crystallizing what could have been a temporary loss. And if those losses are big enough, it may not have enough money to pay out all depositors.

11. But that situation rarely happens. However, once it starts, game theory kicks in: NOBODY wants to be the last depositor at a bank.

12. Which brings us to today. SVB has large depositors. Large depositors aren’t fully insured by the FDIC - they have an incentive to find HIGHLY sound banks. Once a whiff of issue pops up, large depositors run…“bank run.”

13. As a bank’s deposits go in reverse, it has to sell assets. The FHLB steps in to help turn its less liquid assets into more liquid.

By Compound248

Ivy (Qianyun) Huang | Queens college | Chair

Ivy (Qianyun) Huang  

2nd degree connection2nd

Chair - Department of Accounting & Information Systems

Here is the link.

硅谷银行

硅谷银行危机没想象的那么可怕

保罗·克鲁格曼

如果说有一件事是几乎所有经济观察人士都能认同的，那就是2023年美国经济面临的问题与2008年上一次经济危机中的问题截然不同。

彼时我们要面对的银行倒闭和需求暴跌的困境；而今银行业已是次要问题，最大的困境似乎成了因需求远大于现有供给而导致的通胀。

对了，过往蠢行在今天仍有一些回响，因为这些永远不会消失。炒作之泉永不尽；加密崇拜和次级抵押贷款的兴衰有些明显的相似之处，人们被引诱陷入了他们并不理解的复杂财务安排之中。但谁都不觉得那段全球金融体系似乎就要彻底崩塌的恐怖时期将要重现。

但突然之间，一些相同的画面似乎在重演。硅谷银行不是美国最大的金融机构，但2008年的雷曼兄弟也不是。面对一场经典的银行挤兑，但凡关注过2008年金融危机的人都会不寒而栗。

但硅谷银行不是雷曼兄弟，2023年也和2008年不同。系统性金融危机大概率不会发生。而在政府介入稳定局面之后，可能不需要搭上大笔纳税人的钱。

要弄清楚到底发生了什么，先得理解硅谷银行的性质及其业务运作。 

硅谷银行自称“为全球创新经济而生”，这可能让人误以为其主要投资领域在于具有高度投机性的科技项目。但实际上，它虽然向初创企业提供了金融服务，但并未提供大量借贷，因为这类企业手上往往有非常充裕的风险投资现金。这里的现金流是逆向的，科技企业将大量资金存入硅谷银行，有些是出于利益交换，但我怀疑很大一部分是因为科技界认为这是他们行业的银行。

结果，该银行将大部分资金投资于平稳但非常安全的资产，主要是美国政府和政府支持机构发行的长期债券。这些投资一度看到了回报，因为在利率水平低的时候，长期债券的利率往往比包括银行存款在内的短期资产更高。

但硅谷银行的策略会带来两大风险。

首先，如果短期利率水平上升会怎样？（因为已经处于极低水平，所以没有大幅下跌的可能。）硅谷银行盈利所靠的利差就会消失。而如果长期利率水平也上升，硅谷银行所购债券（利率低于新发债券）的市场价值将会下跌，造成大量资本损失。而这正是美联储为对抗通胀而提高利率后发生的事情。

其次，虽然银行存款价值由联邦政府担保，但其上限只有25万美元。而硅谷银行的存款主要来自账上躺着数以百万计美元的商业客户，至少其中一位（当然是一家加密币公司）在该行存了33亿美元资金。由于硅谷银行客户实质上是未受保的，因而这家银行很容易受到挤兑的冲击，也就是趁着银行里还剩一点钱，所有人都争先恐后要取出来。

于是挤兑发生了。现在又该怎么办？

即使政府坐视不管，硅谷银行的倒闭大概率不会对经济造成严重影响。2008年的情况是整个资产类别都在大甩卖，抵押支持证券尤甚；由于硅谷银行的投资太平稳，类似的后果不太可能发生。主要损失将来自企业无法提现而导致的业务中断，如果硅谷银行的破产导致其他中型银行挤兑，情况则会更糟。

也就是说，出于预防目的，政府官员自然有理由认为得设法为硅谷银行的所有存款提供担保。

值得注意的是，这并不意味着要为股东纾困；硅谷银行已被政府接管，股票化为乌有。一些将大笔资金存入同一家银行的企业确实躲过了一劫，不用为它们的蠢行付出代价，这是令人气愤的，尤其考虑到那么多科技人士平常言必称自己是自由意志主义者，到了他们自己需要纾困的时候就不一样了。

当然，如果硅谷银行和其他业内机构未能成功游说特朗普政府和国会放松银行监管，这一切可能都不会发生。该举措当时遭到莱尔·布雷纳德义正严辞的谴责，而他刚刚成为了拜登政府的首席经济学家。好消息是，这件事可能不需要付出太多纳税人的钱——甚至完全不需要。硅谷银行是否真的资不抵债还是个问题；它的问题是无法筹集足够的现金来应对突然出现的大量储户提款。一旦情况稳定，该银行的资产可能足够——或者说基本足够——偿付储户，无需注入额外资金。

届时我们就可以回到平日那些既定的危机戏码了

CHOOSING AN INSECTICIDE FOR BED BUGS

 Bed bugs are very tough! Most insecticides that are available to the public WILL NOT kill bed bugs. Often the bugs just hide until the insecticide dries up and is no longer effective. Sometimes bed bugs move to avoid insecticides and end up in nearby rooms or apartments.

There are no magic sprays that will get rid of a bed bug infestation. Using a chemical to get rid of bed bugs WILL NOT WORK unless you also remove clutter, clean and launder everything, seal off hiding places, and follow other, non-chemical steps to control bed bugs. Without special training about how and where to apply chemicals, which depends on the specific circumstances, consumers are not likely to effectively control bed bugs with chemicals.

Consumers are strongly discouraged from using chemicals to control bed bugs!

https://dec.alaska.gov/eh/pest/bedbugs/

AIRLINES Delta pilots approve new contract with 34% raises

 Delta Air Lines

 pilots on Wednesday approved a new contract that includes 34% raises over four years and other improvements as the industry faces a protracted shortage of aviators and strong travel demand.

Delta and the pilots’ union had reached a preliminary agreement in December. Wednesday’s ratification makes the Atlanta-based airline the first of the largest U.S. carriers to finalize a labor agreement with its 15,000 pilots since the pandemic began. United, American and Southwest pilots’ unions are still in negotiations though Delta’s deal could spur other agreements.

Delta’s pilots’ union, the Air Line Pilots Association, said the contract won support from 78% of pilots.

“From the beginning of the negotiations process, we set out to deliver the industry’s best pilot contract to the industry’s best pilots, one that keeps us as a top destination for U.S. aviation careers, and this contract is a reflection of that unwavering commitment,” Delta operations chief John Laughter said in a news release on Wednesday.

The start of the Covid pandemic three years ago had delayed negotiations at major airlines. Travel demand has since rebounded, and airline executives have said pilot shortages have limited capacity growth, a factor that has kept airfares high and helped airlines return to profitability.

“The pilots as a whole are striking when the iron is hot,” said Savanthi Syth, airline analyst at Raymond James. “They probably realize this is the best moment in time to get a deal done.”

In January, Delta said that even with “all expected labor cost increases” it expects a drop of up to 4% in nonfuel costs.

The new four-year contract includes 18% raises on date of signing, then 5% next year, 4% in 2025 and 4% in 2026. Pilot pay varies based on aircraft type and years of experience.

Contract talks between airlines and labor unions have been fraught at times, as aviators seek higher pay and better schedules. Delta’s pilots last year voted in favor of allowing the union to authorize a strike when contract talks hadn’t yielded an agreement, and the airline’s pilots picketed several times.

American Airlines CEO tells pilots the carrier will match Delta’s pay

Last week, Delta became the first of the biggest U.S. airlines to reach a new contract with its 15,000 pilots. They ratified a four-year deal that grants them 34% cumulative raises and other quality-of-life improvements. The deal sets the stage for other airlines and unions to reach agreements.

 “Let me be clear, American is prepared to match Delta’s pay rates and provide American’s pilots with the same profit-sharing formula as Delta’s pilots,” Isom said in the message to pilots, sent Tuesday and seen by CNBC.

An agreement could include 21% pay increases in the first year of the contract, Isom said. Factoring in higher 401(k) contributions by the end of a four-year deal, a captain flying narrow-body planes would make $475,000 at the top of the scale, up $135,000 from current pay, while the most senior captains of wide-body planes would make $590,000 per year, a $170,000 increase from today.

Isom also vowed better scheduling and “more certainty” on when pilots would fly. Pilots across the industry have complained about frequent schedule changes during airlines’ rocky path to rebuilding networks to meet high travel demand. Aviators have also been in short supply.

Bed Bug Biology and Behavior

 Bed Bug Biology and Behavior 

Dini M. Miller, Ph.D., Department of Entomology, Virginia Tech 

Andrea Polanco, Department of Entomology, Virginia Tech

Introduction to the Bed bug Lifecycle

The bed bugs that are infesting homes today are the descendents of cave dwelling bugs that originally fed on the blood of bats. When humans began living in the caves, the bugs began feeding on humans. Later, when humans moved out of the caves and started their agricultural civilizations, the bugs moved with them. Since that time, humans have carried bed bugs all over the world.

Bed bugs belong to a family of insects called Cimicidae. All members of this family feed exclusively on blood. The common bed bug (Cimex lectularius) has five developmental life stages. Each immature life stage (called nymphs or instars) must take a blood meal in order to develop into the next life stage. Because bed bugs, like all insects, have their skeleton on the outside of their body (exoskeleton) they have to shed their exoskeleton in order to grow larger. This shedding of the exoskeleton is called molting. A bed bug nymph must take a blood meal to molt successfully. After growing through five instar molts, the bed bug becomes an adult. Adult bed bugs, both male and female, must also take regular blood meals to reproduce. The diagram above illustrates the bed bug lifecycle including all instars, before and after feeding. The total development process from and egg to an adult can take place in about 37 days at optimal temperatures (>72° F). Adult bed bugs have a life span of nearly one year depending on regular access to blood meals and favorable temperatures.

 Feeding Behavior

Bed bugs have a cryptic lifestyle, meaning they spend the majority of their time hiding together in cracks and crevices where they will not be seen or disturbed. However, they become active at night, between midnight and 5:00 am. It is during this time, when the human host is typically in their deepest sleep, that bed bugs like to feed. 

Bed bugs are known to travel many yards to reach their human host. Bed bugs are attracted to CO2 produced by the host exhalations, and they are also attracted to body heat. However, bed bugs are only able to detect these host cues over short distances (about 3 feet away for CO2 and even less for heat). It is not well understood how bed bugs hiding in a closet are able to find a host located in a bed across the room. However, bed bugs are able to move very quickly, and it is thought that they do a lot of wandering around before they are able to locate their food. Ideally, most bed bugs would like to aggregate near the host’s bed, on the mattress or in the boxsprings, when they are not feeding. However, this is not always possible in heavy infestations where bed bugs are crowded and many bed bugs have to seek refuge at distances several yards from the host.

Once a bed bug finds the host, they probe the skin with their mouthparts to find a capillary space that allows the blood to flow rapidly into their bodies. A bed bug may probe the skin several times before it starts to feed. This probing will result in the host receiving several bites from the same bug. Once the bed bug settles on a location, it will feed for 5-10 minutes. After the bed bug is full, it will leave the host and return to a crack or crevice, typically where other bed bugs are aggregating. The bed bug will then begin digesting and excreting their meal. Bed bugs usually feed every 3-7 days, which means that the majority of the population is in the digesting state, and not feeding most of the time.

Mating Behavior

After feeding, adult bed bugs, particularly the males, are very interested in mating. Cimicid bugs have unique method of mating called traumatic insemination. This mating behavior is considered traumatic because the male, instead of inserting his reproductive organ (paramere) into the female genitalia, he literally stabs it through her body wall into a specialized organ on her right side, called the Organ of Berlese. The male sperm is released into the female’s body cavity, where over the next several hours it will migrate to her ovaries and fertilize her eggs.

The traumatic insemination stabbing creates a wound in the female’s body that leaves a scar. The female’s body must heal from this wound and consequently, females are known to leave aggregations after being mated several times to avoid any further abuse. Studies have shown that the process of healing from traumatic insemination has a significant impact on the female’s ability to produce eggs. In fact, females that mate only once, and are not subjected to repeated stabbings by the male will produce 25 percent more eggs than females that are mated repeatedly.

In practical terms, this means that a single mated female brought into a home can cause an infestation without having a male present, as long as she has access to regular blood meals. The female will eventually run out of sperm, and will have to mate again to fertilize her eggs. However, she can easily mate with her own offspring after they become adults to continue the cycle. 

Egg Production: 

The number of egg batches a female will produce in her lifetime is dependent on her access to regular blood meals. The more meals the female can take the greater the number of eggs she will produce. For example, the average adult female will live about one year. If she is able to feed every week, she will produce many more eggs in that year than if she is able to feed only once a month.  

 

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硅谷银行

美四大银行市值蒸发520亿 这次暴雷的硅谷银行是优等生

隔夜美国银行业的暴跌，成了震动整个市场的黑天鹅事件。处于漩涡中心的，是一家有近40年历史的大型商业银行——硅谷银行（Silicon Valley Bank，下文简称SVB）。一纸看似问题不大的融资公告发布后，SVB母公司SVB Financial Group股价闪崩60%，又在盘后重挫22%。

市值暴跌近百亿美元、众多投资者和储户纷纷出逃、公司信用评级也遭穆迪下调……硅谷第一大银行一夜之间风雨飘摇。科技媒体The Information甚至评论称，现在能让事情平息的最好办法，就是某家更大的银行出手收购SVB。

SVB的官网上写着这家银行的愿景：帮助个人、投资者和世界最具创新性的公司们实现其雄心。

独特的业务模式

在90年代的发展过程中，SVB的业务框架逐渐确定。

虽然在经营范围上，SVB 与传统商业银行无异，涉足存款、贷款、国际结算等业务，但特别之处在于，它主要为计算机、生命科学、清洁能源等领域的新兴科技公司以及私募股权/风险投资基金提供服务。此外，SVB还会为投资机构与初创企业牵线搭桥。

与风投的合作是SVB的核心商业模式。因此，它的业务是跟着风投走的。在八九十年代的硅谷，哪里的风投在开会，SVB的高管就在哪里。

SVB对初创企业信贷一般采取跟投的模式， 即在企业获得风险资本股权投资以后，按照一定比例批准信贷额度。信贷可能需要风险资本等第三方担保，或者知识产权抵押等。

从“创新经济体的金融伙伴”到遭遇全方位挤兑，SVB是怎么走到这一步的？结合国海证券分析师靳毅在2020年发布的研究报告，华尔街见闻对SVB的发展史进行了详尽梳理。

靠扑克牌局起家

上世纪六七十年代，由于临近斯坦福大学、加州大学伯克利分校等著名高等学府，叠加当地的税收优惠、政府贷款担保等优惠政策，硅谷逐渐成为了知识与冒险家的热土，科技公司在这里开花结果。

新兴的科技公司需要资本起步。但是，在这些初创企业的公司资产中，知识产权等无形资产占大头，因此企业很难靠抵押固定资产从商业银行中获得足够的贷款。市场上亟需一家能理解科技公司发展逻辑的专业性商业银行，来帮助创业企业成长，填补市场的空白。

来自富国银行的Roger Smith和Bill Biggerstaff，以及斯坦福大学教授Robert Medearis敏锐地捕捉到了这一机会。1982年，三人联合创立了SVB。

在草创阶段，三位创始人深知必须学习和依靠硅谷现有的风投公司丰富的客户资源与行业经验。而他们拓展人脉的方式也很有趣——积极参与硅谷大大小小的扑克牌局，最后，这些扑克牌团体内的每一个人都至少给SVB投资了一万美元。

最终，凭借创始人人脉资源和卖力游说，SVB招揽了众多硅谷著名的企业家和活动人士投资入股，吸引了500万美元的投资。

这一部分股东群体，也提供了SVB最早的业务资源，让SVB在风险借贷领域积攒了宝贵的先发优势。

最后，SVB通过收取高于一般企业贷款的利息获取收益， 同时可能获取一定比例的企业认股权证，以求在未来增厚收益。另外，SVB还对风险资本公司提供信贷支持，在后者的项目需要资金投入但是流动性短缺的时候，提供过桥贷款支持。

出于风控考虑，大多数银行不敢涉足初创企业信贷市场。但SVB专门从贷前、贷中、贷后三个方面下手，建立起一套专门针对科技初创企业的贷款审批流程。

首先，在贷前，SVB采取跟投的策略。企业只有在获得风投基金投资后，才可能获得一定比例的SVB贷款，通常是风投投资金额的1/4左右。借助风投基金的专业知识，SVB已经筛选出了有发展前景的初创企业。如果一家企业同时获得多家风投青睐，那么申请成功SVB贷款的概率将大大升高。此外，为了进一步提高对科技企业的辨别能力，SVB还专门培养了一批具有专业知识背景的研究员参与信贷审批。

在贷中，SVB根据不同的初创企业特点要求不同的贷款条件。对于还没有收 入的初创企业，公司要求企业用知识专利做定性而非定量的抵押，这样即使企业 违约，通过出售专利给大企业也能弥补一定损失。 

在贷后，SVB则要求企业将资金账户开在本行内。通过对企业日常资金进出情况进行监控，银行可以从侧面掌握企业的经营状况，并及时对缺乏资金还贷的企业进行流动性预警和提前处置。此外，SVB还会和该企业的投资机构密切沟通，间接了解企业发展现状。

迈向全周期经营

凭借审慎的经营策略和出色的业务模式，SVB的业绩一路稳健向前。即使遭遇千禧年互联网泡沫破灭这样的黑天鹅事件，严密的贷款审批流程也让SVB在整个泡沫破灭期间依然保持盈利，贷款不良率甚至还有一定的下降。

但在当年的熊市下，由于业务机会的减少，SVB银行贷款规模还是遭遇了一定幅度的缩水。于是，借着银行业混业经营的政策窗口，SVB开始涉足风险投资、投资银行、私人银行、资产管理等服务。

并且，随着规模增长，SVB也终于有能力满足大型企业的融资需求。SVB按照企业初创期、成长期、成熟期，对应制定了三种服务方案，分别是“SVB 加速器”、“SVB 增长”、“SVB 企业金融”，覆盖企业的整个生命周期。

“SVB 加速器”为初创期高科技企业提供以下服务：一是派遣专门的服务代表 与初创者在一起工作，理解并反馈企业独特的银行需求；二是为企业提供有竞争 力创业定期贷款、“投贷结合”等的金融产品和服务；三是构建一个在线的商业 银行服务平台，帮助企业家扩展网络，为创业者找到潜在投资者。

“SVB 增长”包括以下金融产品和服务：一是提供灵活的贷款方案，包括夹层融资、中期担保融资、提供应收贷款额度等；二是构建全球资金管理平台为企业提供国际业务服务，提供离岸的账户、开展外汇交换和支付，简化交易过程；三是为客户定制投资方案；四是提供资产管理和证券服务。

“SVB 企业金融”服务包括：长期贷款、贸易融资、各类应收贷款和流动资金信贷、资产管理和证券、金融咨询服务、全球现金管理、外汇交换等和集团服务。

大厦将倾还是乌龙事件？

综上所述，不难发现，SVB搭建的业务模式十分出色：

在利息收入上，SVB倚仗的是“高息差”策略。

负债端，银行通过同时吸收风投企业与科技企业的存款，达到了即使资金在投资者与被投资企业间转移，也可以最大限度留存在银行内部的目的。同时贷款条件附加要求企业存款无息，大大压低了负债端成本。

资产端，通过对利率相对不敏感的科技初创企业投放信贷，拉高了信贷资产收益率，最终实现“高息差”。

在非息收入上，SVB搭建起了“混业经营”策略。除了通过参股风投基金，建立信息客户网络，方便开展企业分析咨询等业务外，还以投贷联动的方式直投、间接投资科技企业，或者持有认股权证，在较长的时间周期内帮助企业成长的同时，实现了股权退出时的高额回报。

时至今日，SVB都是美国唯一一家创投圈内的专业性银行，至今已经帮助超3万家初创企业进行融资，对接全球600家风险投资机构，120家私募股权机构，在初创企业信贷市场占有率超过50%，是当之无愧的龙头企业。

就在今年2月14日，SVB还登上了《福布斯》杂志“2023美国百大银行”榜单，凭借出色的盈利能力名列加州第5位、美国第20位。

所以这一次的黑天鹅才显得如此猝不及防：一家业绩出色、客户资产高达2120亿美元（截至2022年底）的四十年老店，真的会因为公告了区区18亿美元的未实现亏损，倒在2023年吗？这到底是一场公关乌龙，还是即将震动美国的流动性危机，要等之后才会揭晓。

RIB/CHEST BRUISE

 The Student Health Provider has diagnosed a bruise of your chest/ribs. 

Symptoms of bruised ribs include mild pain and tenderness-to-touch in the injured area. Soreness is often worse with movement of the body/arms, and sometimes with breathing. Symptoms are generally better within a day or two, and should be much improved if not gone within a week. 

Severe pain, difficulty breathing, or shortness of breath are not expected symptoms of bruised ribs. 

Keep in mind that, while a broken rib was not diagnosed today, it is still possible you have a “hidden” cracked rib. A broken rib and a bruise are often hard to tell apart for at least two reasons: 1) The only difference between a break and bruise on examining a patient is the amount of pain a patient has (more with a break), and 2) A break is often hard to see on X-rays (the ribs are thin, overlap on X-ray pictures, and the front portion of ribs is cartilage, which doesn’t show well on Xrays). 

The length of time your pain lasts may better reveal whether you have a break or a bruise: Soreness with a bruise is usually gone or nearly gone within a week. Pain with a broken rib often takes a month or two to go away. 

A bruise and a cracked rib are both treated in the same manner, with rest and medicine by mouth to control the pain if necessary.

MEASURES YOU SHOULD TAKE TO HELP TREAT YOUR BRUISED RIBS: 

1. Rest the injured area, giving your body time to heal. Avoid activities such as heavy lifting, pushing, and pulling if they cause pain. Gradually increase your level of activity as the bruise heals. 

2. Apply cold to the injured area off-and-on the first two days. Cold helps reduce pain and swelling. After two days, apply heat (tub soaks or warm wet washcloths) to help the bruise heal more quickly. 

3. Over-the-counter pain medications can help relieve the discomfort of a bruised chest; acetaminophen (Tylenol), ibuprofen, or naproxen can be taken, depending on individual preference. 

4. If stronger pain medication is prescribed, take the medicine only as directed. Do not take the prescription medicine and perform dangerous activity such as driving, operating machinery, standing on a ladder, etc. 

5. Make a follow-up appointment with your personal/referral doctor or return to the Student Health Center a week or two after injury. A provider can make sure you are getting better, obtain X-rays if necessary, and help you get back to normal activities as soon as possible. 

6. SHOULD YOU DEVELOP A SHARP INCREASE IN PAIN OR EXPERIENCE DEFINITE SHORTNESS OF BREATH, GO TO THE CLOSEST EMERGENCY DEPARTMENT. 

SVB | 美国国债等长期债券

 首先是前述的利率上升问题。

在疫情期间的科技股牛市中，SVB将910亿美元存款投资于美国国债等长期债券。这些债券原本非常安全，但随后为了抑制通胀，美联储接连暴力加息，美债收益率一路上行，SVB手中的债券大幅贬值，亏损严重。

美国联邦存款保险公司数据显示，由于利率上升，美国银行业持有的证券产生了6200亿美元的未实现亏损。美国联邦存款保险主席Martin Gruenberg 在3月6日表示，未实现亏损“显著减少了银行业的权益资本”。

硅谷最有名银行崩了

硅谷最有名银行崩了 币圈蝴蝶终于引发美国银行股风暴？

 

昨夜，美国银行股全线崩盘，KBW银行指数收跌7.7%，创2020年6月以来最大日跌幅；硅谷第一大银行SVB重挫60%，市值一夜蒸发96亿美元，创1988年上市以来最大跌幅。

但谁能想到，SVB的闪崩，实际上一场巨大的“公关失误”，也是币圈暴雷的蝴蝶效应（虽然它本身并没有加密资产敞口）。它之所以会发生，可能只是源于当下投资者们“脆弱的情绪”。

币圈暴雷，恐慌蔓延

在此前一日，SVB发布声明称：该行此前出售的210亿美元债券投资资产，因利率上升而遭遇18亿美元税后亏损。因此SVB计划通过发行普通股、优先股、定向增发等方式紧急融资22.5亿美元，以弥补损失。

这是一起无比巨大的公关乌龙：在平时，这则声明并不会引发太多联想。然而，就在SVB发布声明的同时，“币圈友好银行”Silvergate宣告倒闭。

想象这个场景：币圈银行暴雷的新闻还在电视上滚动播放时，一家有近40年历史的大银行宣布出现巨额亏损，需要融资。这显然会令市场揣测，这家大银行是不是遭遇了流动性危机，所以急于融资脱困。

有暴雷的Silvergate先例在前，投资者开始恐慌性抛售，最终波及整个银行板块：美国四大银行——摩根大通、花旗集团、富国银行和美国银行——市值日内合计蒸发524亿美元。

Keefe, Bruyette & Woods驻纽约交易部门主管R.J. Grant对媒体表示：

“SVB的融资让所有人都对这家银行里存款的状况感到紧张。很多机构投资者不太想持有某些银行的股票了。人们被吓坏了，因为SVB历来是一家运营良好的大银行。如果它也出了问题，人们就会想，其他更小的银行得有多糟。”

科技博客TechCrunch开玩笑说，在SVB投资者关系部门上班的人，得开始找新工作了。

SVB真正的困境

SVB主要为美国科技初创企业提供资金，并没有多少加密资产风险敞口。理论上来说，Silvergate暴雷跟它关系不大。这一次的公关乌龙应该不至于酿成“雷曼时刻”。

不过，SVB也确实面临一些经营上的困境。

首先是前述的利率上升问题。

在疫情期间的科技股牛市中，SVB将910亿美元存款投资于美国国债等长期债券。这些债券原本非常安全，但随后为了抑制通胀，美联储接连暴力加息，美债收益率一路上行，SVB手中的债券大幅贬值，亏损严重。

美国联邦存款保险公司数据显示，由于利率上升，美国银行业持有的证券产生了6200亿美元的未实现亏损。美国联邦存款保险主席Martin Gruenberg 在3月6日表示，未实现亏损“显著减少了银行业的权益资本”。

其次，SVB主要服务的科技初创公司的存款在不断下降。

在美国风投支持的科技和生命科学公司中，有一半是SVB的客户。随着美国宏观经济环境恶化，风投融资放缓，许多初创企业出现资金枯竭。

公司首席执行官格Greg Becker周三对投资者表示：

“客户的烧钱量一直很高，而且在2月份还进一步上升，导致存款低于预期。我们预计利率将继续上升，市场持续面临压力，客户的资本支出也将上升”。

不过，他也对媒体称：

“我们有充足的流动性来支持我们的客户。”

穆迪周三下调了SVB的信用评级，理由是SVB的资金和盈利能力在短期内发生了“重大变化”。

硅谷银行暴雷后，可能会步后尘的10家银行

10 banks risky - after SIVB bank failed 

 CUBI, FRC, SASR, NYCB, FFWM, ALLY, DCOM, PPBI, PB, CLBK

How To Create An eCommerce Website With Wordpress 2023 -ONLINE STORE- (Easy For Beginners)

 Take some notes:

1. Get domain hosting
2. Install wordpress
3. Activate eccommerce theme (small fee)
4. Build amazoning website 

SiteGround.com - hosting company $12/ month to host the website

register a new domain - $15.96/ year - siteground.com

WordPress plugins:

1. Really simple SSL - SSL certificate - Activate, encrypt credit card information - SSL 
2. Install new sSL - encrypt - decrypt 
3. Go ahead activate SSL!
4. Install Flatsome theme 

硅谷银行

大跌60%！硅谷银行(SIVB.US)筹资引流动性恐慌 带崩银行股

智通财经APP获悉，周四，标普500银行指数暴跌近6%，创下两年多来最大单日跌幅，原因是在硅谷银行(SIVB.US)宣布发售股票和加密银行Silvergate Capital(SI.US)决定关闭银行业务后，投资者纷纷逃离该行业。SPDR KBW区域性银行指数ETF下跌逾7%，至2021年1月以来的最低水平。

硅谷银行在周三晚些时候宣布发售17.5亿美元股票后，该公司股价暴跌，周四收跌60%，创下有记录以来最大单日跌幅。硅谷银行正与初创公司烧钱的情况作斗争，原因是初创公司在风投资金短缺的情况下存款不断下降。总部位于旧金山的第一共和银行(FRC.US)跌至2020年10月以来的最低水平，跌幅达15%。

美国主要银行也受到冲击，摩根大通(JPM.US)跌幅超过5%，美国银行(BAC.US)与富国银行(WFC.US)收跌超6%，花旗集团(C.US)收跌4%，四大银行市值总共损失了465亿美元。

第一共和银行和硅谷银行是标普500指数周四交易时段百分比跌幅最大的股票，而四大银行的跌幅超过了标普500指数1.85%的跌幅。

Keefe, Bruyette & Woods驻纽约交易部门主管R.J. Grant表示：“硅谷银行的融资让所有人都对银行资本水平和存款的用途感到紧张。很多机构投资者现在对持有某些银行的股票感觉不好。这只是让人们吓坏了，因为硅谷银行历来是一家非常强大、运营良好的银行。如果他们现在有问题，人们就会想，其他质量不如硅谷银行、声誉不如硅谷银行的银行会怎么样。”

投资者还在努力应对专注于加密货币的贷款机构Silvergate的下跌，该公司周四晚些时候表示，计划逐步减少业务并自愿清算，此前该公司在加密交易所FTX倒闭后遭受损失。Silvergate周四收跌42.16%，而Silvergate的同行Signature银行(SBNY.US)股价收跌12.18%。 

抛弃北上广,“用脚投票”的年轻人都走去了哪里？

 近期，一则 " 杭州吸走北京上海人才 " 的话题登上微博热搜。据钱江晚报报道，2022 年杭州新引进的跨城流动人才中，有 20% 来自上海和北京，是引进人才最多的两座城市。

对于 " 北上广为何不再吸引年轻人 " 的话题，很多网友表示，虽然北上广深机会多，但生活压力也高，如今很多工作在新一线城市的年轻人收入与北上广的差别正在缩小，但新一线城市的生活成本相对要低，年轻人能攒下更多钱并且生活质量也不会打折扣。

官方数据也在佐证着这一现象。统计数据显示，2021 年，武汉、成都和西安等城市人口增量均超过了 20 万人，而北上广深这四个超一线城市，2021 年人口增量总和仅为 12.48 万人。而在 2020 年以前的 10 年间，这四大城市的常住人口总增量都超过了百万。

北上广深的人口增速出现明显放缓，一方面是因为大城市的落户难、房价高、生活压力大等问题，成了诸多年轻人的劝退因素，另一方面也有一线城市主动纾解人口和调整功能定位的原因。与此同时，二三线城市也在利用一系列人才政策进行引流，使得当下年轻人对定居城市的选择更加多元化。

年轻人出走北上广深，是风的吹动还是树的不挽留

作为传统的人口流入明星城市，北上广深的优势不言而喻：区域经济发达，就业市场广阔，交通便利、教育医疗等城市公共服务相对完善，这使得它们在过去几十年城镇化的过程中，一直是年轻人涌入的主要城市。那么为何如今的北上广深，不再是年轻人的首选了？

一个众所周知的原因就是北上广深房价高企，普通工薪族越来越难以承受。对于年轻人来说，城市间流动的首要目的是 " 赚钱 "，获得比之前更高的收入水平和更好的生活质量。对于大多数中国年轻人来说，拥有当地一套房子是扎根一个城市的入场券，但北上广深的房价却让这张入场券变得可望不可即。

房价收入比是用来评估各城市居民买房难度的数据之一，指的是住房价格与城市居民家庭年收入之比。房价收入比降低意味着买房难度降低。最新数据显示，2022 年全国 100 个重点城市房价收入比总体回落，但一线城市房价收入比却呈反向上涨态势，2022 年北上广深四城整体房价收入比达到 30.4，较上年上升了 6.89%。其中深圳买房压力最大，达到了 36.5，也就是说，深圳居民需要积攒 36.5 年的可支配收入才能购入一套平均价格的房子。一线城市居民的购房压力之高可见一斑。

其次，落户难也提高了年轻人扎根一线城市的门槛。户籍在国内基本是与社会公共服务的享有权利挂钩的，购房、买车、子女教育等大事都与户籍紧密相关。但近些年一线城市的落户政策要么在收紧，要么只对高学历人才开放。

以深圳为例，2021 年 5 月，深圳先后发布《户籍迁入第 2 页共 3 页若干规定（征求意见稿）》和《居住社保积分入户办法（征求意见稿）》，拟将人才落户的学历底线要求由大专调整为全日制本科，居住社保积分入户基本年限由 5 年调整至 10 年，老人随迁将子女入深户时间要求由 8 年调整为 15 年等，户籍门槛较以往收紧。

北京的落户门槛也很高。根据 2021 年 7 月北京市人社局印发的《北京市引进毕业生管理办法》，引进对象仅为全国范围内的硕博毕业生、京内高校和京外 " 双一流 " 高校本科生。再就是通过考取公务员、部分事业单位、应聘有进京指标的央企、国企、高科技单位的岗位，但这其中的竞争激烈程度与千人过独木桥无异。

此外，北上广深人口增速放缓，也与城市本身人口容量逼近上限后政府进行人口调控有关。城市的人口不可能无限制地膨胀下去。当一个城市人口规模达到增长边际时，就会出现规模不经济现象，即人口的增加不仅不能改善城市效率，反而带来巨大的成本和问题，比如交通拥堵、空气污染等。

此前北上广深四地都发布过城市总体规划书，其中北京宣布将常住人口规模到 2020 年控制在 2300 万人以内。此后经过严控新增人口和非首都功能疏解，2020 年北京人口数量控制在了 2189.3 万。上海宣布将 2500 万人左右的规模作为 2035 年常住人口调控目标，而 2020 年上海市人口普查显示，其人口规模已经达到了 2487.09 万人，城市 " 人口余额 " 已经告急。

" 引进来 " 只是第一步，" 留得住 " 才是硬实力

在一线城市为了控制人口规模抬高准入门槛的同时，二三线城市已经打响了人才争夺战。

这场人才争夺战，以 2017 年武汉推出 " 百万大学生留汉创业就业 " 为口号的人才新政为开端，截至 2022 年，全国已有超过 200 个直辖市和地级市出台了人才引进的专项政策，其中就包括了杭州、西安、成都、郑州等新一线城市和省会二线城市，还包括了张家口、呼和浩特、徐州等三四线城市。

这些城市吸引人才的手段五花八门。比如进行户籍改革，落户前提由 " 先就业再落户 " 改为 " 先落户再就业 "，有的甚至是 " 零门槛 " 落户；还会针对应届毕业生发生活补贴，博硕每年达万元以上；而在住房上也有优惠政策，例如购房现金补贴、打折优惠购房，发放购房券等，徐州还将引进人才在购房时申请公积金贷款的最高额度放宽到 2 至 4 倍。除此之外，非一线城市还针对引进人才的配偶就业、子女入学等方面进行照顾和帮扶。

在种种优惠政策的吸引下，越来越多人涌向了新一线城市或强二线城市。最新的人口数据统计显示，2021 年，武汉、成都、杭州、西安、南昌、长沙等 10 个城市的常住人口增量都超过了 10 万人。其中，武汉 2021 年常住人口大幅增长 120 万，成都增长 24.5 万，杭州增长 23.9 万，而西安、南昌、长沙分别增长 20.3 万、18 万和 17.8 万。

从统计数据来看，新一线城市乃至二三线城市的抢人政策确实取得了成效。尽管二线城市的整体实力较一线城市仍有差距，但综合房价、生活成本等多重因素，这些城市也正处于人口的扩张期。

不过在笔者看来，虽然二三线城市利用一系列优惠政策从一线城市手中抢到了人，但真正留住、用好人才，最终还是要考验城市的综合竞争力。人才扎根不止需要房子、户口等硬条件，也需要就业平台、产业基础、医疗教育环境等软条件。

近些年在逃离北上广后又选择重返北上广的人并不在少数。BOSS 直聘研究院院长常濛曾对外透露，根据数据追踪，有 23% 的人会在逃离北上广深 15 个月左右时，选择再次回归一线城市。

因此对新一线和二三线城市来说，抢到人只是开始，如何真正留住人才是在抢人大战中笑到最后的关键。

在笔者看来，在当前各大城市抢人大战中，政府往往充当了打头阵的角色，但真正用人的主角其实是当地企业，只有他们才能消化、留下人才。因此政府在引才的同时，也应该发挥企业的主导型作用，大力扶持发展本地特色产业，吸引大量优秀企业在该地落户，通过产业发展来吸引人才。

另外，优良的公共服务和城市环境也是城市的持久竞争力，通过提高城市公共服务水平和营造宜居的城市生活环境，才能真正吸引人才安居乐业，扎根于此。

最后，人才引进不应一味与高学历捆绑。毕竟一座城市的发展需要不同产业的劳动群体参与进来，既需要高学历人才，也需要专于某一领域的蓝领群体。因此各大城市在引进高学历人才时，也要注意技工、基础设施建设职业人才的培养和引进，人才的质量和可持续性才是决定未来城市综合实力的关键。

美国经济学家爱德华 · 格莱泽曾在《城市的胜利》强调，城市的繁荣会放大人类的优势，使得人与人之间的互动能创造价值。的确，人口的集聚会促进城市的发展繁荣，城市的繁荣会让人享受到更美好的生活，但要真正实现城市和人才的双向互赢，引进来只是第一步，后续如何结合城市定位和人才优势，更好地规划城市发展和激发人才潜能，才是 " 从 1 到 100" 真正增长的开始。