I vividly remember in my first job in 2007, a colleague running to the nearest Northern Rock branch and queuing up in what was literally a bank run. There were no queues outside of Silicon Valley Bank, Signature Bank or Credit Suisse in this increasingly digital age, but as we now all know, the outcome was the same. In the complicated world of financial plumbing, it is often very hard to spot the leak before it is too late. And it still confounds us that so-called “experts” come out post these events model – after the horse has bolted and fled into the next village – to talk about the offending financial products that created the loss of confidence, as if they knew all along that these were obvious risks in the business.

As with other sectors investors can make money investing in banks, but we believe the risks usually outweigh the potential returns.
Leap of faith
Banks are complicated business models to understand and analyse. They are vast structures where complex financial instruments a