Good morning [%first_name |Dear Reader%],

It’s been a hell of a few days for the world’s financial institutions.

The 167-year-old Credit Suisse sold for a paltry US$3.2 billion to its rival UBS (pretty nice Matt Levine piece on that here). And the near-instant flight of US$42 billion in deposits from Silicon Valley Bank just a little earlier.

Reality served cold.

I asked some of my trusted sources in the banking and finance industry what their biggest takeaways from the recent events were. One said:

“Never keep all your money in one bank.”

Another simply noted:

“Financial services is hard.”

I know it seems basic, but it’s very often the basic stuff that companies and businesses overlook most easily.

And we know we haven’t seen the back of this season of bad news. If you were around during 2008, you’ll know we’re bound to have more of the walking dead variety. Things that go down in the US financial sector are certain to show up in India in the form of second-order effects—like reduced capital inflows into India to increased interest rates.