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…So it’s holding a portfolio of things that actually feed each other? They actually fit. Whereas Citi had consumer finance that didn’t fit, life insurance that didn’t fit, property [...] that didn’t… They eventually got rid of them all. Sandy just wanted to do more of them. He bought American generalists, did truck leasing for God’s sake. Once you get involved in these things, it is hard for people to understand the risk in each one of these businesses, but all of ours fit. I don’t like hobbies, I don’t like things. We’ve made plenty of mistakes because you have to try and test things. Then you’re always investing for the future. That investment is always people, branches, and technology. That’s true whether investment banking people or consumer bank people or opening consumer branches. I think Doug Petno was here and Troy Rohrbaugh, who run the Global Investment Bank, but they’ve opened commercial banking branches all over Europe. And I think you’re telling me it’s going great and it’s feeding all other parts of the company. So just sticking to your knitting, constantly investing, not overreacting to the market. Markets are like accordions. Then sometimes if you’re strong when others aren’t, you have a chance to buy things you want to buy. Then always look at the world from the point of view of the consumer. What do you want? How do you want it? How do you want to get it? Can we provide it to you in a way that makes sense for us too? Not going for the last dollar and not nothing like that. And building teams of people. Our people are curious and smart. They have heart, they have soul. They give a damn about the guards in the company and the receptionists. It’s not just about the big time bankers and people pounding their chest. We try not to put up with that. And we have big time bankers. They’re exceptional, but the company serves the clients, and I think the clients know that. When you really dig in to start analyzing J.P. Morgan’s financials, you see this one thing that jumps right out at you, which is the efficiency ratio. For every dollar that you make compared to your competitors, you get to keep 15 cents more of that dollar as profit. It’s not hard to see how that compounds and how that allows reinvestments. Why is your efficiency ratio so much better than competitors?…

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