Opendoor's Exposure to Silicon Valley Bank
发布时间 2023-03-13 14:50:27 来源
摘要
Clip from the upcoming episode of the Front Porch Podcast No. 7.
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This situation with SVD. It's right now it's an evolving situation. For us it's a someday evening in the US time. The situation right now is that another bank, Signature Bank, failed and just had a stepped in and guaranteed full deposit for both Signature Bank and Silicon Valley Bank for everybody to get their money out on Monday, which is really positive after the weekend went and how much screaming there was on Twitter.
这个关于SVD的情况，现在是一个不断发展的情况。对于我们而言，在美国时间的某个晚上。现在的情况是，另一家银行Signature Bank破产了，Silicon Valley Bank为了让每个人都能在周一取出他们的钱，替Signature Bank做了担保，并保证了所有存款的全额。在周末结束后，在Twitter上的尖叫声有多大，这真的是相当积极的。
But more importantly for this podcast is like what was or is the relationship open or how could this affect them? Tyler, do you have any information?
在这个播客中更重要的是，他们的关系是否是开放式的，这会对他们有什么影响？Tyler，您有任何信息吗？
Yeah, so I commented about this on Twitter this this past week when I heard about it. I heard from one of my sources, quite trust, that Open Door has less than 1% of their capital in Silicon Valley Bank and none of their critical business accounts are run out of Silicon Valley Bank, which was encouraging to hear. I mean it's a move point now because it sounds like no one's going to be missing their money anyways.
这个星期我在Twitter上评论了这件事情。我从一个非常可信的消息来源那里听说，开放门户只有不到1%的资本在硅谷银行，并且没有任何关键业务帐户在硅谷银行运作，这听起来让人鼓舞。我的意思是，现在这个点已经无关紧要了，因为听起来似乎没有人会失去他们的钱。
But I will say there is a historic relationship between Silicon Valley Bank and Open Door and a lot of the founders of Open Door have recognized the idea that without Silicon Valley Bank support early on, there probably wouldn't be an Open Door. And I think that's probably the case for a lot of disruptive and private technology companies in Silicon Valley over the past few decades who partnered with Silicon Valley Bank.
我要说的是，硅谷银行和Open Door之间有着历史渊源，Open Door的很多创始人都认识到，如果没有硅谷银行早期的支持，可能就没有Open Door了。我认为，在过去几十年里，许多具有颠覆性和私人技术的硅谷公司都与硅谷银行合作，这也许也是他们的情况。
So I think overall, and maybe this is a separate topic. I mean when you look into the cause of all of this, it really does appear to be mismanaged funds. But I will say it's a huge blow for the startup community and it's unfortunate to see because Silicon Valley was very important for founders.
我认为总体而言，这可能是一个独立的话题。也就是说，当你对所有这些事情的原因进行研究时，真的似乎是资金管理不当所致。但我要说的是，对于初创企业社区来说，这是一个巨大的打击，这是令人不幸的，因为硅谷对创始人非常重要。
Yeah, there's probably some other better podcasts to cover like what XC went from here. It probably wouldn't have just the fact that Silicon Valley Bank, but as we see now with signature bank and probably some other banks that are in this in no situation where they have a very long duration but low interest instruments that wouldn't be worth the same as they were when rates were lower.
对于像XC这样的公司，可能有其他更好的播客来介绍他们的发展。这不仅仅是因为硅谷银行的存在，我们现在可以看到有一些其他的银行，他们也面临同样的困境：拥有长期但利率低的金融工具，当利率降低时，这些资产价值也会降低。
So if everybody is going to get for their money and the bank would probably not be able to cover the amounts of time in time, I guess that's what happened here. And the spicy thing is because in Silicon Valley, a lot about herd mentality, everybody's running to the same sector. If it's crypto or like AI, everybody wants to fund the same things. Obviously if the big VC companies tell their companies to pull up money out of Silicon Valley Bank, everybody else was also running after the money.
如果每个人都要拿回他们的钱，银行可能无法及时覆盖这些款项，我想这就是在这里发生的事情。而辛辣的事情是因为在硅谷，很多人都盲从，每个人都在追逐同样的行业。无论是加密货币还是人工智能，每个人都想为同样的事情提供资金。显然，如果大型风险投资公司让他们的公司从硅谷银行取出资金，其他人也会追逐这些资金。
I think in the end what happened on Fridays that 25% of deposits, like over 40 billion dollars, I don't know, got fired out and that kind of result in whatever shock we saw after that. And the risk is that this could happen to other banks. So that's why they've had stuff in and said, hey, all the deposits, not just the insured part we will cover them from the right decision.
我认为最终的结果是，上周五有25%的存款，超过400亿美元的资金被冲刷出去，这导致了我们所看到的震惊。风险在于这种情况可能会发生在其他银行。因此，他们采取行动并表示，所有的存款，不仅仅是受保险部分，我们将做出正确的决定来保护它们。
I think just a double tap on that. And like you said, this isn't really the podcast to go into exactly what happened, but I think we can we can simplify this a little bit. I think there's there's two things that you look for for security in a bank when you have a massive deposit, right? One is how much of it is insured by the federal government. And only banks really have that designation that's part of what gives them power as banks, right? But then the other thing is how much liquidity does that bank have?
我认为只需要简单地双击即可完成。就像你说的，这并不是真正讲述发生了什么的播客，但我认为我们可以简化一下。当你有大笔存款时，保障银行的安全性可以从两个方面考虑。第一是存款被联邦政府保险覆盖的金额。只有银行才有这样的标识，这也是他们作为银行的力量所在。另一个方面是银行具有多少流动性？
And the liquidity profile, how much cash do they actually have available in the event that there is a bank run so they could cover all deposits, right? So that ratio is really important. And I think a lot of the really powerful banks in the United States, like the JP Morgan, the Wells Fargo, Bank of America, those types of companies, they have massive liquidity profiles because of the 2008 financial crisis. But for Silicon Valley bank, you know, you you look at what happened in the past couple of years.
流动性情况是指在银行出现挤兑时，它们实际上有多少可用现金来覆盖所有存款，因此这个比率非常重要。我认为美国的许多强大银行，如JP摩根、富国银行和美国银行这些公司，由于2008年的金融危机，它们具有庞大的流动性资产。但对于硅谷银行，你可以看看过去几年发生的事情。
You think open door mis timed mortgage rates and interest rates, right? Like Silicon Valley bank was even worse, right? They bought 80 billion of mortgage-back securities when interest rates were near zero, trying to get a 1.5% yield. And then the Fed raised interest rate 75 basis points four times. And then again, you know, 50, et cetera. And you're in a situation where those 80 billion dollars of assets are only gaining one and a half percent when your consumer bank get like so far or whatever is giving you 4%. People start wanting more yield on their funds.
你认为开放门和不合时宜的抵押贷款利率和利息率有关，对吧？就像硅谷银行更糟糕，对吧？当利率接近零时，他们购买了800亿美元的抵押证券，试图获得1.5%的收益率。然后联邦储备委员会四次将利率提高75个基点。然后再次提高50个基点，等等。现在你的情况是，那80亿美元的资产只有1.5%的增长率，而消费者银行则给你4%的收益率。人们开始想要获得更高的资金收益率。
And I think now because Silicon Valley bank didn't have very much of their assets insured by the federal government number one, but two really just didn't have a liquidity compared to their deposits. They're in a situation where a bank run made it very easy for them to go under. Yeah, it will be interesting what the consequences of this are in the next two months.
我认为现在硅谷银行面临的问题是一，联邦政府并未为他们的资产提供足够的保险，而二是他们的流动性与存款相比十分不足。这让银行陷入了一种危机，银行挤兑使其易于破产。接下来两个月将会很有趣，我们将看到这一事件带来的后果。
I mean, people are speculating from let maybe rate hikes will slow down or stop, which is obviously great from mortgage rates probably, but who knows what else will break in this environment?
我的意思是，人们正在猜测，可能会有加息的放缓或停止，这对于抵押贷款利率来说显然很好，但谁知道在这种环境中还会发生什么其他的事情呢？
Yeah, what what is important to know is that you mentioned as far as we know, open door when we had a very small amount of money and Silicon Valley bank. Obviously public companies don't disclose who they're lending or banking partners are. This is not part of any rules.
嗯，重要的是要知道，你提到我们在资金非常少且与硅谷银行合作时开门做生意。显然，上市公司不会公开他们的借贷或银行合作伙伴是谁。这不是任何规则的一部分。
I don't think anybody discloses that. So we don't know for sure if any of their lending facilities are there or not, but there's a really great podcast that dot phrase or did on the podcast the operator.
我认为没有人会披露这件事。因此，我们无法确定它们是否存在任何贷款设施，但是有一款非常棒的播客由“dot phrase”制作，在播客“操作员”上进行了介绍。
I think the podcast is from Damien, who is at Sounders Fund. It's very, very great podcast. It gives you a history of open door capital stack from like founding to post IPO. I think the podcast is from 2021.
我认为这个播客是由Sounders Fund的Damien制作的。它是一个非常非常好的播客。它为你讲述了开放的资本堆栈的历史，从成立到上市后。我认为这个播客是2021年的。
I definitely recommend listening to that. If you are really interested in how the sausage is maize on the capital stack of open door and dot specifically said that like Silicon Valley bank was not the right partner to scale and really get to the to the right cost structure.
我强烈推荐你去听听那个。如果你真的对开放门和点特别关心，想知道资本堆叠中的“香肠是怎么做出来的”，那么点特别说，像硅谷银行这样的合作伙伴并不适合扩大规模并真正实现正确的成本结构。
Right. And I think that's the other point that's important to double tap here is Silicon Valley bank would be a great partner for risky, unproven business model, right? Like a startup. And because of that increased risk, their interest rates, right?
没错。我认为另一个重要的点是，硅谷银行会是一个很好的冒险、未经验证的商业模式的合作伙伴，比如初创企业。由于风险增加，他们的利率会相应提高。
How much they're expected to earn on those assets is a lot higher than you might get at a different bank. You know, that's that's okay. Perhaps, you know, for software companies that are more early stage, mid stage, and open door early stage.
他们预计在这些资产上赚取的收益比你在其他银行获得的要高得多。你知道，这没关系。也许，对于更早期、中期和开放式初期的软件公司来说，这是可以的。
But for company like open door, which is looking for 10% gross profit margins maximum capital efficiencies really, really important. And you want the lowest cost structure for your for your debt, for your access to financing and Silicon Valley bank is absolutely not that person, right? Like they're just they're just a different business model.
但对于像开门公司这样寻求最大资本效率的公司而言，10%的毛利润率非常重要。你希望债务和融资的成本结构尽可能低，而硅谷银行却绝对不是这样的人，对吧？就像他们只是一个不同的商业模式。
And so I think really important upfront for open door, but it wouldn't make sense for open door to have any significance or large proportion of funding with Silicon Valley bank at this stage of their life cycle.
因此，我认为对于Open Door来说，重要的是先进行开拓，但在其生命周期的这个阶段，与硅谷银行有任何意义或大比例的资金不合理。
Yeah. And everything does really important to state like that because a lot of speculation on Twitter were because of some headlines, people expected the open doors like Hunter said funded by Silicon Valley bank, but that's just the how this works.
是的。这样说确实非常重要，因为Twitter上的很多猜测都是因为一些标题，人们期望像亨特说的那样由硅谷银行资助的敞开之门，但这只是这种工作方式的体现。
It would make sense with what's been going on in the past year if that was the end, but it's just not true. Yeah.
如果那真的是结局的话，那过去的一年发生的一切都有意义，但事实并非如此。是的。
All right. I'm glad we covered this likely what we should expect by next week or maybe we shouldn't anymore because of the announcement from the Fed, but like on Friday, a lot of public companies filed a nail 8k, a announcement of doing a material impact to their business.
好的，我很高兴我们讨论了这个，很有可能下周我们应该期待什么，或者由于联邦储备委员会的公告，也许我们不再需要期待了。就像上周五，许多上市公司提交了一份8k声明，宣布了对他们业务的重大影响。
So we so we so we're going on that they had like $500 million in in Silicon Valley bank. We hope that we will see something from this from open door as well because even 1% if it's if you're thinking about a quarterly basis, if that 1% would be gone, it would be kind of material.
咱们听说他们在硅谷银行有5亿美元。我们希望Open Door也能有所动静，因为即使是1%，每季度也很重要。如果这1%消失了，会很明显。
I think they would have until Wednesday to file this, they have a few days, but at this point, we might not even see that fighting anymore because there is no material impact.
我认为他们有到周三的时间来提交这个文件，他们还有几天，但是现在，我们可能甚至不会再看到这场斗争，因为它没有实质性的影响。
So we might never know how much money we actually had in Silicon Valley bank, but like it's unlikely that it's a big amount.
因此，我们可能永远不知道我们在硅谷银行实际拥有多少钱，但很可能其金额不大。
I don't want open door leadership, right? Like the C-suite to tweet like Elon Musk, but it would be nice every once in a while to just get a few comment. You know what I mean?
我不想要开放式领导，是吗？就像C级管理层发推特那样像埃隆·马斯克，但偶尔能得到几句评论也不错。你知道我意思吧？
Imagine if Kerry just logged on to her Twitter with, you know, she's like never on Twitter, but if she just logged on and she was she was like, hey, we don't have any capital in Silicon Valley bank or we had x percentage and just the sigh of relief from the investment community.
想象一下，如果Kerry刚刚登录她的Twitter，因为你知道她几乎从不使用Twitter，但如果她刚刚登录并说：“嘿，我们在硅谷银行没有任何资本，或我们只有x％的资本”，投资社区的担忧叹息声将消失。
Wouldn't that be a great use of social media? You know what I mean? From a crisis management perspective and investor relations, I just feel like some of these things, it would just be really nice if it just solves with five seconds of work in a bathroom break.
这不是利用社交媒体的好方式吗？你明白我想说什么吧？从危机管理和投资者关系的角度来看，我只是觉得有些问题，如果在上个洗手间休息期间能用五秒钟的时间解决，那就太棒了。
Yeah, I totally agree. I mean, there is obviously something to it that you don't want to be untruthy, especially when you're open door because basically 90% what you get is hate.
是的，我完全同意。我的意思是，显然有些事情你不想虚伪，尤其是当你接受公众审查时，因为基本上你得到的90%是仇恨。
And your customers are not there. There's nothing that really is great. There's my mandatory business to be on Twitter every day as Kerry we look, but in these cases, yeah, just like if why I something like that would have been helpful.
你的顾客并不在那里。没有什么真的很好。我的强制性业务需要每天在 Twitter 上出现，就像 Kerry 一样，但在这些情况下，如果有像“为什么我需要这样做”的东西会很有帮助。
As long as it's not everyone relax, everything is fine. Don't worry. Those are the code words for like get your money out right now, right? We've learned that from Silicon Valley Bank CEO and obviously Sam Bankman Fried, they both did the exact same thing.
只要不是所有人都放松，一切就都没问题了。不要担心。这些是为了让你现在就把钱拿出来的密码，是吧？我们从硅谷银行的CEO和显然的山姆·班克曼·弗里德那里学到了这一点，他们都做了完全相同的事情。
And then the next day the company went under wild.
然后第二天，公司疯狂地垮了。
意思为公司突然垮了。
Yeah, I guess in hindsight, it's also good to just wait a few more days and then in primary source it tells me as well, but yeah, some more communication would be helpful.
嗯，我想事后看来，等待几天再从主要来源得到信息也是好的，但是更多的沟通会更有帮助。
翻译：在回顾过去时，我认为也可以再等几天，从主要来源获得信息，但更多的沟通会更好。