QuestionerOther than your general criteria for investing in any company, what are your criteria for investing in banks and has your general view toward investing in banks changed over time?
WarrenBanking, if you can just stay away from following the fads and really making a lot of bad loans. Banking has been a remarkably good business in this country. And certainly ever since World War II, it's returns on equity for banks that have stayed out of trouble. has really been terrific.
QuestionerWell, what you're saying in fair implication is that we sort of screwed up the predictions because banking was a way better business than we figured out in advance.
CharlieWe actually made quite a few billions of dollars really out of banking and more in American Express. But basically that was while we were misappraising it. We did not figure it was going to be as good as it actually turned out to. to be. And my only prediction is that we'll continue to make failures like that.