unaddressed red flags, safe and sound warnings, that's triple the average of the banks. the fed has some blame here and did not appreciate the vulnerabilities and the fed insisting that silicon valley bank was ab outlier. but if the fed was asleep at the switch, do you worry? is there another one out there or are they right it's just silicon valley bank? >> well, i think silicon valley was an outlier. the number of really key respects, almost all of the deposits that they have are to folks that were large, big companies, they were uninsured de deposits, which is unusual for a bank. also they invested a lot of those deposits in treasury and mortgage-backed securities that lost a lot of value when interest rates had riz over the past year. those losses are called hedged. they didn't offload any of that risk to the rest of the