We break the world into geographic regions, but within those regions we want our analysts to be generalists looking across all industries. Part of that is so people can apply a broad knowledge of business models, industries and markets to every company they analyze. It also allows people to more naturally gravitate to where the opportunity is right now. If you’re a generalist you can more easily ignore banks if they don’t look interesting, while the bank expert will inevitably find one bank or another they want to buy. As Charlie Munger says, “To the man with a hammer, everything looks like a nail.”