Lazard Asset Management: “Is this 2008 all over again?”

The collapse of Silicon Valley Bank (SVB) has raised serious concerns for investors. In light of recent developments, we hosted a webinar to address their most pressing questions—and to explain why this is not a repeat of the global financial crisis. Jennifer Ryan, Head of North American Distribution, moderated a discussion with Ronald Temple, Lazard’s Chief Market Strategist, and Dmitri Batsev, Managing Director and Research Analyst, covering several topics including: • Why SVB is not like the large banks we associate with the 2008 crash, given its unique clientele and its largely uninsured deposit base which translated to a vulnerable funding base • Why investors should remain calm during periods of volatility—avoiding the extremes of panic-selling and overenthusiastic bargain-hunting, and focusing instead on deep fundamental analysis and asset quality • What “calm, collected” fundamental analysis should look like in the weeks and months following a crisis—and why “no two balance sheets” are alike • Why this run on regional banks is a classic “crisis of confidence” that should be viewed in the context of history • The global ripple effects we’ll be monitoring in the months ahead, including deposit flows, monetary policy, regulatory changes, and key macroeconomic indicators both inside and outside the US