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No. of Recommendations: 14
I owned stock in Bank of Granite in North Carolina which was headed by John Forlines. Warren Buffett had his stand up at the Berk annual meeting one year and he got some signficant praise.

Forlines retired and his long, long, long time associate Charles Snipes succeeded him. Snipes bankrupted the bank with a couple of years. I had inherited a small amount of stock on March 22, 1975 that had evolved into several hundred thousands. Basically lost all that money.

There is nothing less attractive or more destructive to capital than a poorly run bank. There is generally no price low enough for safety. Book value is a wild ass guess in the leveraged model banking business at best, and a downright lie within a sloppy run organization.
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