By investors I'm not talking about venture capitalists, I'm talking about the stock market. I'm just surprised that people are just now realizing how bad it is to have the lion's share of Silicon Valley's financial resources centralized in one institution that doesn't have much in the way of other business.

Their success is due to their tight focus though isn’t it? They’ve been around for 40 years and deeply entrenched in the VC ecosystem.

I am very curious whether their poor risk management is new, or if they’ve been playing fast and loose for much longer and only blowing up now.

Since 1980 interest rates have only really ever gone down. Buying long dated bonds at X% and having to sell them a year later at X-1% actually makes you a capital gain.

Old habits die hard.