Unrealized losses now account for ~33% of all bank equity capital in the US.

Currently, banks are sitting on nearly $700 billion of unrealized losses.

To put this in perspective, even at the worst point in 2008, unrealized losses only accounted for ~5% of equity capital.

Prior… pic.twitter.com/GTTqotE4oU

— The Kobeissi Letter (@KobeissiLetter) January 7, 2024