USB continues to operate really well. It is a really good indicator of traditional banking as they offer a very straightforward U.S. centric business model. While I’d much rather own USB than 95% of banks out there, the valuation isn’t quite as attractive as the large money center banks so if it came down I’d likely be very interested. Their ROA and ROE numbers are the envy of the banking industry and I’d expect they will continue to gain market share.
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