Have been following you for 8 months now. Always enjoy your daily update. Thank you for doing this. I have a question: What happens to the money in the cash accounts of the brokerages (like Schwab, Fidelity etc.) when banks fail? I couldn't find any information on this subject. The only thing I know is that the cash at brokerages are protected by SIPC, but of course that is probably no protection at all as SIPC is very underfunded. My understanding is that if the brokerages go bust, then your money is gone. But why should the brokerages go bust if they are not in the lending business? Any insights are appreciated.