Bank of America held low-coupon bonds and still has not restructured its bond book; management is persistently poor and misunderstood that COVID-era Fed policy was temporary, so BAC should be earning much more but is leaving money on the table.

but there were a number of other larger banks, Charles Schwab, Bank of America, that hung on to a lot of that low coupon paper.

and Bank of America even today has not restructured their bond book.

American Express, but for some reason, the folks at Bank of America were kind of brain dead as usual. They're my bank by the way. And they have constantly mismanaged that institution.

So, you know, I think it's just unfortunate that some bankers don't understand duration. They don't understand that what the Fed did during COVID was temporary and that they needed to manage their book accordingly.

It's sad cuz they're leaving a lot of money on the table, David, which is is really the point. But think of it this way. That Bank of America should be making a lot more money than they are.

And it's because management just doesn't want to be bothered.