Wells Fargo is the largest mortgage lender in the United States, operating primarily as a retail and commercial bank (XLF). Wells Fargo is one of the few large banks that engages in minimal trading and investment banking operations. Its income is primarily derived from the traditional loan-making business. It is also Warren Buffett’s largest holding.

In the past 10 years, Wells Fargo’s book value has grown twice that of JPMorgan Chase and 10 times that of Bank of America.  Here are some take-away points:

FOCUS ON TRADITIONAL BANKING.   Wells Fargo focuses on traditional banking operations, such as writing loans and taking deposits. This relatively simple model reduces the risk in relation to peers JPMorgan, Goldman Sachs and Citigroup, which offer riskier services such as trading and investment banking.

U.S.-FOCUSED OPERATIONS.    Wells Fargo’s operations and investments are more centered on the United States than its large-cap peers, making it much less sensitive to global events.

MOST PROFITABLE AMONG PEERS.    Wells Fargo has been the most profitable of its peers, posting returns of 10% on shareholder’s equity and 1.2% return on assets (or ROA) in 2016. During the same period, JPMorgan Chase and Bank of America generated ROA of 1.0% and 0.82%, respectively.