The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Carney: Mid-Sized Regional Banks Face Systemic Danger From Flighty Corporate Deposits
“Kind of barbell strategy was, it was dangerous to be in that awkward middle where you're a large regional, and therefore you have a lot of corporate deposits, deposits above the minimum, They turn out to be much more flighty. What we saw with Silicon Valley, w…”
Kaji: Micro VCs raising $15M–$20M Fund I cannot easily scale up Fund II
“I think people that raise that 15 to 20 will have to probably raise another fund of 15 to 20 when it comes to Fund two with the understanding that when it comes to fund three, if they've shown real traction, if they have a few distributions, and that's usually…”
Kaji: Early IRR metrics are meaningless when micro VCs raise Fund II
“Right now, Quite candidly, it's a little bit meaningless and it's more qualitative in function. So if we see a manager that's, you know, tracking at a 1.3 X, that's fine. But the reality is it means very little.”
Carney: First Republic Bank Is Responsible for Its Own Distress
“On the balance, it bears more responsibility for the situation it is than the macro.”
Destin: 70-80% of seed funds had 6-12 month portfolio runway
“Samir Khadji from First Republic Bank in the US is an active observer of the early stage market, and he said that 70 or 80% of the seed funds that he spoke to had six to 12 months of life for most of their portfolio companies.”
Akhund: Mercury is the only startup-focused challenger bank in the U.S.
“If you take what we're doing at Mercury, there's no one else really doing a startup focused challenger bank. I would say the zero, which is really good. The only people we're competing against is Silicon Valley Bank and First Republic and Chase.”
Kaji: Micro VCs must secure at least 30%–40% for initial close
“So what I usually counsel managers is if you have a target of X amount, the first close should be at minimum 30 to 40% of the fund. Raising less than that as part of the first close sends a bad signal, and I think it really, you know, questions the overall via…”