Let p > 1 and 1/p + 1/q = 1. Consider Hölder's inequality ab * 1 ≤ a p b q for the p-norms of some trace (a, b are matrices, compact operators, elements of a finite C * -algebra or a semi-finite von Neumann algebra). This note contains a simple proof (based on the case p = 2) of the fact that equality holds iff |a| p = λ|b| q for some λ ≥ 0.Since the main result of this note is based on it, let us start by recalling the well-known Cauchy-Schwarz inequality with precision; for a proof see Proposition 2.1.3 in Kadison and Ringrose's book [KR83]. Lemma 1.1. Let x, y ∈ A and set x, y = τ (xy * ), · 2 = x, x . Then | x, y | ≤ x 2 y 2 .Moreover, if τ (xy * ) = x 2 y 2 , then x = λy for some λ ≥ 0.Remark 1.2. Let a = u|a| be the polar decomposition of a ∈ A, then u * u|a| = |a|. Write a = xy * with x = u|a| 1/2 and y = |a| 1/2 , and use Cauchy-Schwarz to obtain |τ (a)| ≤ τ (|a|) with (finite) equality τ (a) = τ |a| = 1 if and only if a = |a| ≥ 0.