One of the key lessons from the failure of SVB is that with less artificial liquidity in the system, there will be less money for innovation...and thus the "innovation industry" is going to shrink quite a bit.  This will have all sorts of implications for markets and economy going forward.  

Table of Contents:

1)  Just as we thought, less liquidity is having a big negative impact on the “innovation industry.”

2)  A 25 basis point hike instead of 50 bpt one will not make a different for very long.

3)  Despite what many people think, bear markets frequently keep falling after the Fed starts cutting rates.

4)  If you think voters were mad in 2016, it will be worse if they fully bailout the rich PE & VC guys.

5)  Updated charts on the S&P 500, the NDX 100 & the Russell 2000.

6)  Credit spreads are widening out again…and Credit Suisse still looks quite dicey.

7)  Keep a VERY close eye on AAPL and MSFT next week.

8)  Why the phrase, “It’s already priced-in” is so wrong…so often now-a-days.

9)  Popourri

10)  Summary of our current stance.

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