Morning Market Download from Invincible Money

Personal finance + economics + markets

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

Bank ConcentrationDuring the first week of March, deposits at small banks fell $119 billion, while deposits at large banks increased to $67 billion, signaling a possible bank consolidation. One analyst conjectured that we'll eventually end up with only 6 banks in the U.S.

Silicon Valley Bank Finds a BuyerThe FDIC is brokering a deal for First Citizens to buy $72 billion of the SVB's assets at a discount of $16.5 billion. The FDIC will retain receivership of $90 billion in securities and other assets.

Shares of regional banks are up on the news this morning.

More Bank Failures PossibleA study from SSRN found that 186 more banks are at risk of failure of more than half their depositors withdraw funds.

Regulators Say It's All GoodDespite all the bad numbers, the government is here to assure us everything is fine.“The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient,” one U.S. official said.

German officials stated that Deutsche Bank isn't the same as Credit Suisse.

"There's no reason to be concerned. It's a very profitable bank," German Chancellor Olaf Scholz said on Friday.

Yield Curve Steepens FurtherWhile Minneapolis Fed President said over the weekend that the banking crisis "brings us closer to a recession", the spreed between the 2- and 10-year bonds is steepening as investors expect the Fed to start cutting rates, after the fastest increase in modern history.

CryptoTether increases its lead as the largest stablecoin after a $5 billion influx over the past 2 weeks.

Twitter Cut in HalfElon says Twitter is now worth half what he paid for it - only $20 billion (he paid $44 billion). The app is 4 months away from running out of money.

Someone published the Twitter source code on Friday so the company filed a lawsuit to reveal who it was.

Real Estate - Mortgage RatesThe average on the 30-year fixed hit a high of 7.08% in November. Now it's down to 6.4%. The Mortgage Bankers Association is forecasting it'll be down to about 5.3% by end of the year.

Pro Tip: When you get your paycheck, pay yourself first by having savings and investments take out and automatically transferred to your 401k, IRA, HSA and brokerage account.

Who Are the Millionaires in the U.S.? It may surprise you. I talk about the book "The Millionaire Next Door" in this new video.

Joe Rogan and comedian Andrew Shultz talk about why rich people drive cheap cars (lots of swearing - it's Joe).

It's a good reminder that the wealthy buy assets and not liabilities, spend less than they earn and invest the difference. Even if it's only a small amount, invest something every month. If you need help getting started, reply to this email and I'll help you.

Be a Better Investor

Investing Style of Famous InvestorsJohn Paulson, founder of Paulson & Co., is known for his event-driven investing style, where he takes positions based on upcoming corporate events such as mergers and acquisitions.

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Thanks for reading,

Trajan King