These guys are not just profiting off fees, right? A strong bull market makes everyone look like a genius, but they play in several markets: equities, forex, fixed-income, and commodities. How is it they can be a profit center when we know investing is hard. Do they have advantaged positions in the markets? Can anyone elaborate or link to a good article on how they make money?

"There are records everywhere: JPMorgan Chase & Co. had its best trading revenue for the fourth quarter, as the bank’s profit surged 50% to an all-time high. Equities traders at Goldman Sachs Group Inc. are just spinning cash, making 2024 their best year ever. BlackRock Inc., the world’s largest money manager, reported Wednesday that its annual haul of client cash is at an all-time high."

Paywalled?

https://www.bloomberg.com/news/newsletters/2025-01...

Shaun

Berkshire Hathaway FAQ

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