“ Taking a closer look at the bigger of the two, Bank of America joined JPM, Goldman and MS in posting record equity trading revenues as the bank reaped the benefits of soaring volatility and net interest income topped analysts’ estimates.

Revenue from equity trading rose 17% to $2.18 billion in the first three months of the year, helping the bank beat analysts’ estimates for per-share earnings. Meanwhile, trading of FICC (fixed income, currencies and commodities) missed estimates, bringing in $3.46 billion, below the $3.47 billion estimate.“ How do the banks make so much money quarter after quarter in trading? Who is on the other side of the trades and what’s the banks huge edge? This topic might be too heavy to bring up at the annual? Buffett’s thoughts?

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