We're Not Fair Weather Friends.

Jpmorgan Is A Very Good Franchise. And The Way You Should Look At A Franchise, A Business, Is From The Standpoint Of The Customers.

I Speak To Lots Of People Around The World, And No One Would Tell You That 25 Basis Points Will Make A Difference To Them.

You've Seen Certain Credit Type Products That Are Going To Be In Nonbanks, Like Sophisticated Clo [collateralized Loan Obligation] Tranches And Stuff Where The Capital Charge Is So High That A Bank Simply Will Not Own It. Someone Will Buy It, Hedge It, Trade It. But It Won't Typically Be A Bank.

I Always Tell People, "there's A Book On Everyone." I Get Some Of That Book Before I Do Anything. If I Want To Deeply Understand Someone's Reputation, I'll Talk To Their Friends, Their Former Bosses, Their Peers, And I'll Learn A Lot About Them. I Want Them To Be Trusted. I Want Them To Be Respected. I Want Them To Give A S - -. Then There Are The Intangibles: Physical And Emotional Stamina, The Ability To Confront Issues. I Can Ask All I Want About Those Things, But I Also Have To See A Lot Of It.

Businesses Can Be Opaque. They Are Complex. You Don't Know How Aircraft Engines Work Either.