Good morning from Paul & Graham, in these volatile times. I'm (Paul) just typing up some comments on the banking problems (is it a crisis yet? Have CNBC created a new logo for it yet?), so that should be up shortly.

Explanatory notes -

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There's a lot on our to do list today, so I can't promise we'll get through all of these, especially if they're just in line with expectations (hence not price sensitive) - 


Paul’s Section:

Comments on banking problems

I’m only loosely following what’s going on with the banks, and am not a banking expert, so this section is more a conversation starter than a pearl of wisdom!

As we’re all painfully aware, there has been a nasty sell-off in equities in the last few days, triggered by the strain in the banking sector (SVB going bust, and now Credit Suisse looking distinctly wobbly).

To put it in perspective though, see the UK indices below - 1 year view, with the % change being yesterday's change only. These show the same pattern - that we’ve given back the gains from a strong rally in early 2023, and are now roughly back to where we were at end 2022. Hardly a disaster (so far). This type of move is perfectly normal volatility, although it’s happened quite quickly, and could get worse of course,…

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