Transcript
One thing I did find interesting in the conversation, so you skew toward banks and credit unions. We meet with lots of fintechs, and obviously with our venture fund, it’s almost like there are three different psyches going on. I don’t know if you felt that.
The banks have a little bit of trepidation. Obviously, there’s a little bit going on in the banking industry. I think in some of my venture meetings, we talk about how we probably pick up signals faster than most because we have all these little startups we’re invested in.
But it kind of feels like the fintech startup ecosystem is still a little bit in the exuberance mode.
Yeah, lots of very excited fintechs here, for sure.
And then the question is, do you believe them?
Man, you set me up to be the negative naysayer.
Listen, to be a startup person, which I’ve been a couple of times, you have to have irrational exuberance because otherwise you don’t go start a company. It’s like the stupidest thing you can do for wealth building and your stress level. So you have to have it.
I think they just actually haven’t had enough signals yet. I think they’ll get there. It’s not completely irrational, but the banks are in it because they’re in their war rooms going, “Oh man, we have to worry about comms, and what are our customers doing?”
I think the investors are more savvy to it because they had some exposure in the portfolio. But if you didn’t bank at Silicon Valley Bank, you probably didn’t think you were exposed to it, and you’re not feeling all of these little ripples that the others are.
Like, you don’t know what’s about to go down.
Yeah. You don’t know what is about to go down. Just what we’ve experienced in the last couple of weeks.
Yeah. Well, I think it was someone from Citi who made the comment, it was the only comment I’ve heard that said there’s more pain coming. I think that is true. There is more pain coming.
I just don’t think we know what it’s going to look like, exactly what type of pain.
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