The Impact of Consolidation on American Industry

Ted Elliott: I don't think under any system of accounting, the 20% returns for American industry are in the cards. Charlie? Well, I agree. And I think that this business of having way more consolidation and the successful companies like Wells Fargo buying in stock has had a huge effect too. It's not based on any feeling about the real estate business, any sophisticated analysis of the company or anything else. We've done a few things in real estate at Berkshire, but they've enlarged things. So there have been some things happen like that.