from Anthony Pompliano 🌪 | by Anthony Pompliano 🌪

When market turmoil happens, I try to make a list of things I learn so I can remember them later. Sometimes the list is full of new things and sometimes they are just reminders. Here is what I have so far from the last few days 👇🏼

Lesson #1: Act with urgency. Many people heard rumors of SVB in trouble, but were slow to act. When the risk-reward incentivizes action, you must act with urgency.

Lesson #2: Best investors use logic over loyalty. Many investors told portfolio companies to keep money in SVB out of “loyalty” to the bank. Tier-1 investors almost unanimously told founders to move their money immediately. Logic, not loyalty.

Lesson #3: Open 2 accounts for everything. This previously was annoying & seemed like overkill. Now it feels like part of SOPs. Diversification breeds resilience.

Lesson #4: Black swans are real. No one predicted the second largest bank failure in US history hurting ~ 50% of US startups this year. You can’t predict the black swans, but knowing they exist will let you identify them faster when they happen.

Lesson #5: Most advice on Twitter is ridiculously bad in heat of the moment. So many people were flexing by saying they were keeping their money on SVB or telling others to do the same. If the advice is good in times of chaos, it is probably shared privately - not publicly.

Lesson #6: Business & finance is a magnifier on human psychology. A bank run is the product of memetic activity. Humans can’t help themselves. Be well read on human psychology and you’ll have an advantage over others.

Lesson #8: Who you take advice from is sometimes more important than what the advice is. Many VCs are ill-equipped to identity & understand a bank run. Traditional finance & crypto investors much better suited & more experienced. Seek advice from right people for a situation.

Lesson #9: Every company is made up of people with families & dreams. Even in moments of crisis, you can act quickly with empathy and care. You don’t have to be an asshole. Stressful times don’t get better by yelling or being rude.

Lesson #10: Control your emotions. Your brain will naturally go into fight or flight during a chaotic event. Calm down. Take a deep breath. Think critically. Don’t be emotional. Way easier said than done, but emotional control is essential for navigating uncertainty.

There will be others that I’ll add in the coming days and weeks but this is what I have so far. What lessons have you taken away? What did I miss?