QuestionerThis question comes, circles back to banking, which you touched on earlier, but Jerome Bernard from Switzerland writes, could you please explain why you decided to exit most of your bank stocks in 2020 except for Bank of America? And what's your view on the future of the banking industry?
WarrenI like banks generally. I just didn't like the proportion we had compared to the possible risk if we got bad results that did not, so far we haven't gotten. So I just, and I, we were over 10% of Bank of America. It's a real pain in the neck, both of the bank, and more of the banks than us if we go over 10%. There's just a whole other. And I like the Bank of America. I mean, and I like Brian Moynihan very much. And I like the banking business fine. So we took that up, but we took the overall bank position down. We didn't want to go above 10 and any of the others. And we did want to increase the B of A position, but we overall didn't want as much in banks as we had. We like the banking business is way better than it was in the United States and 10 or 15 years ago. The banking business around the world in various places might worry me. But our banks are in far, far better shape than 10 or 15 years ago. But when things froze for a short period of time, The biggest thing the banks had going for them is that the Federal Reserve was behind them. And Federal Reserve is not, they're not behind Berkshire. It's up to us to take care of ourselves.