Not A Bank Run, But A Bank Walk

Recalibrating our approach.

The Ongoing Bank Walk

Jim Bianco has been one of the most cogent analysts of the bank situation so far, which is why I’ve shared his commentary here before. He coined the phrase “bank walk” to contrast it with a typical bank run.

(Link to the tweet screen captured above, since Twitter doesn’t let us embed tweets in Substack anymore).

It’s worth considering this in light of recent bank earnings releases that have been better than many expected, and it’s one reason in previous bets against banks, we used options expiring several months out, to give this situation time to play out.