Money-center and large diversified banks - JPMorgan, Bank of America, Wells Fargo, Citi. Buffett's classic financial holdings, with deposit-franchise moats that smaller regionals can't match.
Industry leader
FirstRand Limited FSR.JO
Buffett-Fit: 81/100
Diversified banks compete on deposit-franchise quality (low-cost retail deposits = low-cost funding = sustained NIM advantage) + capital deployment discipline. Buffett's long-running BofA + JPM positions reflect the moat: massive deposit base + diversified loan book + global reach are hard to assemble from scratch. CET1 capital ratios above 12% + return-on-tangible-equity above 12% are the quality screen.
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Educational framework analysis only. Not investment advice, not a recommendation, not personalized to your situation. Always do your own research.