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快閃大對決：一場華爾街起義book. Read 4473 reviews from the world's largest community for readers. 美國有多少個股票交易所？你很可能以為，只有兩家：紐約證交 ...
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快閃大對決：一場華爾街起義byMichaelLewis.
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Preview—快閃大對決：一場華爾街起義
byMichaelLewis
快閃大對決：一場華爾街起義
by
MichaelLewis,
麥可·路易士,
林旭英(Translator)
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美國有多少個股票交易所？你很可能以為，只有兩家：紐約證交所、那斯達克。
錯！從二○○八年以來，這兩大交易所的壟斷早已被打破。
今天，美國股市共有……13個公開交易所！其中大多數未經台灣媒體報導，因此你聽也沒聽過，例如：BATS、DirectEdge等，很陌生吧？不僅如此。
這些「公開」交易所之外，幾乎每家大券商都有屬於自己的「私人」交易平台，俗稱「暗池」(darkpool)。
而光是暗池，就有四十個以上。
這本書，就揭發了發生在證券交易所、暗池裡，一個媒體從未發現、但任何投資者聽來都匪夷所思的真實故事：原來，報紙上的美股行情，都不是真的！原來，紐約證交所的主機不在紐約，而是在一個鳥不拉屎的小鎮上，為什麼？原來，有一群神秘玩家，暗中操控著全球最大股市，影響著包括台灣在內的全球市場!然後，有一群年輕人──在金融圈打滾的科技人──終於發現了這個秘密，
美國有多少個股票交易所？你很可能以為，只有兩家：紐約證交所、那斯達克。
錯！從二○○八年以來，這兩大交易所的壟斷早已被打破。
今天，美國股市共有……13個公開交易所！其中大多數未經台灣媒體報導，因此你聽也沒聽過，例如：BATS、DirectEdge等，很陌生吧？不僅如此。
這些「公開」交易所之外，幾乎每家大券商都有屬於自己的「私人」交易平台，俗稱「暗池」(darkpool)。
而光是暗池，就有四十個以上。
這本書，就揭發了發生在證券交易所、暗池裡，一個媒體從未發現、但任何投資者聽來都匪夷所思的真實故事：原來，報紙上的美股行情，都不是真的！原來，紐約證交所的主機不在紐約，而是在一個鳥不拉屎的小鎮上，為什麼？原來，有一群神秘玩家，暗中操控著全球最大股市，影響著包括台灣在內的全球市場!然後，有一群年輕人──在金融圈打滾的科技人──終於發現了這個秘密，並且決定與這群神秘玩家宣戰！就像電影「瞞天過海」，他們一個一個離開自己的工作，組成一個新團隊──MichaelLewis稱他們為「快閃小子」(FlashBoys)。
這本書講的，就是快閃小子與神祕玩家們，所展開這場精采大對決……
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Startyourreviewof快閃大對決：一場華爾街起義Writeareview
Mar20,2017
AlwaysPouting
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HonestlyinvestmentandstockexchangeissomethingthatboresmetodeathsoIwasputtingoffhavingtoreadthisoneforawhileandtodayIforcedmyselftogetitoverwith.Iwassurprisedtofindthatthebookwasreallyinterestingthough,IhadnoclueaboutHighFrequencyTradersordarkpoolsoreventhearrestofSergeyAleynikovwhichishonestlyabsurd.IthinktheinformationwasaccessibleandeasytounderstandbutIdon'tthinkitwouldbeinterestingtoanyonewhodidn'thave
HonestlyinvestmentandstockexchangeissomethingthatboresmetodeathsoIwasputtingoffhavingtoreadthisoneforawhileandtodayIforcedmyselftogetitoverwith.Iwassurprisedtofindthatthebookwasreallyinterestingthough,IhadnoclueaboutHighFrequencyTradersordarkpoolsoreventhearrestofSergeyAleynikovwhichishonestlyabsurd.IthinktheinformationwasaccessibleandeasytounderstandbutIdon'tthinkitwouldbeinterestingtoanyonewhodidn'thavesomeinterestintheengineeringormathofthewholething.Ididfeelboggeddownbythedetailsthoughespeciallyofthepeopleinvolvedandtheirbackstories.IknowthewholepurposeofthebookwastotalkaboutthesmallgroupofpeopletryingtochangethingsbutIthoughtallthelogisticstuffwasthemostinterestingaspectofthebook.
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Steve
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ThenewbookbyMichaelLewiscriticizinghigh-frequencytradinghascreatedquiteastir.I’mimagingwhataPRresponsemightlooklike,thoughnotanentirelyseriousone.It’sstructuredinFAQformat,butthequestionsaren’treallyfrequentlyaskedsomuchasonesI’dliketoanswer.TheidealaudiencewouldbetheinquiringreadersofFlashBoysopentoacounterbalance.Q:WhoisthisMichaelLewisguyandwhyhasthisbookbeenmakingsuchasplash?Lewisisaninfluentialwriterwithat
ThenewbookbyMichaelLewiscriticizinghigh-frequencytradinghascreatedquiteastir.I’mimagingwhataPRresponsemightlooklike,thoughnotanentirelyseriousone.It’sstructuredinFAQformat,butthequestionsaren’treallyfrequentlyaskedsomuchasonesI’dliketoanswer.TheidealaudiencewouldbetheinquiringreadersofFlashBoysopentoacounterbalance.Q:WhoisthisMichaelLewisguyandwhyhasthisbookbeenmakingsuchasplash?Lewisisaninfluentialwriterwithatalentformakinghisreadersfeelsmart.It’slikethey’vebeengiveninsideaccesstosomepreviouslyhiddenworld.Dependingonthebook,itcouldbe-anintimateunderstandingofhowrichlycompensatedalphamalesatatradingdeskonWallStreetdominatethepoorschlubs(Liar’sPoker)-howacash-constrainedbaseballexecutivecanusestatisticstocobbletogetherawinninglineup(Moneyball)-howthegeniusesofmoderndayfootballcametorealizetheimportanceofagreatlefttackleinprotectingthequarterback’sbutt(BlindSide),or-howaselectfewinvestorscouldforeseethefollyofinvestinginsubprimemortgagesdoomedtodefault(TheBigShort)Andhedoesthisinareadableway.Heexplainscomplicatedmechanicsinunderstandableterms,heidentifiesheroesandvillains,andhestructureshisnarrativelikeanygoodwriterwould,buildingtoconclusionsaftercouchingthemasmysteriesorpuzzlesforhisbrainyprotagoniststosolve.WhileFlashBoysfeaturesmanyofthosesametraits,itseemslesslikegoodinvestigativejournalismthistime.Infact,itfeelsmorelikemarketingliterature,ormaybeaprosecutingattorney’sclosingargument.LewishasbeencriticizedfornothavingspokentoanyonewhoknewaboutHFT(high-frequencytrading)fromtheothersideofthefence.That’stheraisond’etreforthisFAQofsorts.Q:Let’swadeinthesamewaySteveKroftdidwithLewisinhis60Minutesinterview.What’stheheadlinehere?Essentiallythis:MichaelLewisisgoingtosellawholebunchofbooksandwillendup,bydintofsomeseriousnegativespin,manipulatingpublicopinionwaymorethanHFThasevermanipulatedmarkets.Q:Istheindustryreelingfromthecriticallanguage?Youandyourmarketriggingilkareevidentlya“cancer”;nothingbut“parasites”.Inaddition,inanimpressiveburstoflawyerlybombast,financialfraudattorneyAndrewStoltmanndescribesyouas“littlemorethandigitalpiranhas,creatingfeedingfrenziesthatcansendthemarketintovolatile,spasmodicfits”leaving“atrailofcarnage.”Yeah,butasidefromthatwe’renotsobad.Seriously,it’sfrustratingwhenyouknowsomethingis,atworst,lightgrayandsomeonewithamicroscopecomesalongtraininghislensontheblackpixelsonly,saying“Oh,lookhowblackitis;andhey,there’sanotherone.”Anditdoesn’thelpwhenthelensissmudgedsothateachonehefocusesonseemsdarkerthanitreallyis.Q:You’lladmitLewisdidagoodjobchoosinghishero,right?Ifthere’ssuchathingasBoyScoutsofCanada,IbetBradKatsuyamaearnedeveryoneoftheirbadges.He’sbright,hard-working,earnest,andnodoubtsetthestandardforwhattheRoyalBankofCanadacalled“RBC-nice”.He’stheonewhoexplainedtoLewisandotherswhatwashappeningwhenheattempteddoabigtrade.Asplitsecondafterhe’denterhisorder,themarketdrieduponhim.Thequantitiesdisplayedonhisscreenathistargetedpriceweredisappearingbeforehecouldgetallhewanted.You’rerightaboutBrad.Hedoescomeacrosswell.Tobehonest,though,atfirsthewasalittlenaïve.Hewassomehowexpectingthathisorderforsay100,000shareswouldn’thaveanimmediatepriceimpactthatreflectedthenewknowledgeofabigandabidingappetite.Evenbackatthattime,mostsophisticatedplayersinthemarketknewthey’dhavebetterluckbreakingtheirorderup,tradingchunkshereandthereatdifferenttimesanddifferentexchangesasliquiditywouldallowratherthanspookingthemarketwithanordersizethatwasboundtochangetheequilibriumpriceinaninstant.Q:Yeah,butwhataboutthefront-running,wherespeeddemonswouldtaketheirknowledgeofBrad’sintentiontobuyandgotootherexchangestobuyaheadofhim,drivingupthepriceandmakingBradpaymoretogetalltheshareshewanted?OK,firstofall,pleaseusequoteswhenyouusethetermfront-running.Infact,don’tuseitatall.Front-running,properlydefined,isanimmoralandillegalactwhereabrokeragefirmusesknowledgeofitsowncustomers’orderstojumpaheadoftheminthemarketinanticipationofeasyprofitswhenthecustomertransactionscausethepricetochange.Anybodydoingthattrulyisscum.They’vebrokenthefiduciarytrust,maymaketheircustomerpaymorebythetimetheordergetstomarket,andhavestolenprivilegedinformationtoadvantagethemselves.Q:Backtotheissueathand,iswhateverthisthingisthatyoudon’tcallfront-runningfair?Brad,ourauthorityonwhat’s“nice”,didn’tthinkso.Acertainsegmentofthemarketprobablydoesconsideritselfputoutbythesefast-changingconditions.Butweneedtolookatthesituationfromabroaderperspective.OnceIexplainIhopeyou’llseewhynoteveryoneagreeswithour“nice”friend.Q:IsthissomethingwecanunderstandbywayofthecompanyLewismadeuptoillustratehispoint–ScalpersInc.?They’retheoneswhowouldhastilygetinaheadofeveryinvestororder,buyupalltheshares,thensellthemtotheinvestoratahigherpriceafterfront-runningrunninginfrontofthem.Grrr–“runninginfrontof”–forthatI’mgoingtodoublethelengthofmyresponse.So,inLewis’sunrealisticexamplewe’retobelievethatthoserascalsatScalpersInc.somehowknowwithgreatcertaintythatthepoorhonestinvestorhasacertainsizetradetodo,somehowskipsaheadinlinetosnapupthoseshares,raisesthepriceandimposesitsinsidioustax,allwithoutriskingadime.Bzzzzzzt!Wrong.I’msureLewiswouldarguethatthisexamplewasconcoctedforpedagogicalpurposes,meantonlytoillustrateneteffectsthatwesee.Butit’ssofaroffthemarkthatit’sverymisleading.Firstofall,forthebiginvestor’shandtohavebeentipped,achunkoftheirorderhadtohavetraded.Then,ScalpersInc.wouldhavetomakeaneducatedguessaboutwhatthefuturepriceimpactwouldbefromtheunknownremainingordersize.Fromthere,Lewiswouldhaveyoubelievethatasortofqueuejumpingwouldoccur.Nottrue.Thebesttheycoulddowouldbetogotoanotherexchangetoseeifit’sworthcrossingthebid/askspreadtobetonwhethertheypredictedthebiginvestor’sdemandandpossiblepriceimpactcorrectly.TheScalpersInc.teamisatitsluckiestwhentheyguessrightaboutthepricemoveandsomeoftheparticipantsquotingatthevariousexchanges(oftenHFTplayersthemselves)hadn’treactedyeteitherbecausetheywereslowortheydisagreedaboutwhatthefairpriceshouldbe.Inthisscenario,thebiginvestorislikelytoseethemarketbackawayfromitsorder(meaningthatmarketmakersarecancellingtherestoftheirquotesatthatpricelevel).Again,that’sjustanaturalreactiontowhatisnowviewedtobeanewfairvaluefromthemarketequilibrium.Q:Thatmakessense,butit’salottochewonallatonce.Canyoubackupjustaskoshtocoverhowthesemarketsarestructuredandwhodoeswhat,when,whereandhow?Sure.Thefirstthingtounderstandisthateveryonewantstobuylowandsellhigh.Q:OK,wiseguy.Youdoknowthemeaningofskosh,right?YourarchaicpatoissuggeststhatmaybeIshouldstartwithintermediaries,specialists,marketmakersandbid/askspreads.Asyou(probably)know,marketintermediarieshaveservedausefulfunctionsincethedayscavemenweretradingmastodonfutures.Betheyhumanoralgorithmic,thegoalistoprovideliquiditybycommittingtobuyatalowerpriceandsellatahigherprice,servingasaconduittofacilitatetrade.Ofcourseitwouldbeeasymoneyifmotivatedbuyersandsellersconsistentlyandinsynchronycamealongtobuyatyourhighersellingpriceandsellatyourlowerbuyingprice.However,thespreadbetweenthosetwopriceshastobebigenoughtocompensateforthetimeswhenit’sonlysellerscomingalong;andpooryou,you’veboughtsomethingfallinginpricewithoutanybuyerstosellyourinventorytoatthehigherprice.Ofcourse,themarketmakercanbehurtinrisingmarkets,too,withashortpositionthat’sgettingmoreandmoreexpensivetobuyback.Themorethemarketmakerscandotoreducethoserisks,themorewillingtheyaretocutthedistancebetweentheirbuyingandsellingpricesinordertoattractextrabusiness.Spreadsarenowrazorthin.Thisisahugebenefitfortherestofthemarket,andapparentlyanunderappreciatedone.Foranyonewhohasmadeitthisfar,andwantstoseemore,thefauxFAQcontinueshere.Init,wecoversuchtopicsasthetrendnotbeingyourfriend,pickinguppenniesinfrontofsteamrollers,whetherornotHFTliquidityisacanard,InsiderTrading2.0,andname-callinginvokingsuchfiguresasMarieAntoinette,HitlerandBernieMadoff.
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Mar31,2014
Darwin8u
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“Shiningalightcreatesshadows”―MichaelLewis,FlashBoysTherewasatemptationtowritemyreviewbeforeIhadfinishedreading.Togettherefirstbeforeotherreviewers.Thisracetobefirst,however,sometimesrequiresapause,areflection,aboutwhatspeed,transparency,fairnessactuallyrequiresfromindividualsandcompanies.Theworldoffinanceisoftenopaque.Betweenexecutingatradewithyourbrokerandanotherindividualacceptingthattradethroughtheirbrokerthereisa
“Shiningalightcreatesshadows”―MichaelLewis,FlashBoysTherewasatemptationtowritemyreviewbeforeIhadfinishedreading.Togettherefirstbeforeotherreviewers.Thisracetobefirst,however,sometimesrequiresapause,areflection,aboutwhatspeed,transparency,fairnessactuallyrequiresfromindividualsandcompanies.Theworldoffinanceisoftenopaque.Betweenexecutingatradewithyourbrokerandanotherindividualacceptingthattradethroughtheirbrokerthereisaghostworldoperatingonmico-slicesofasecond.Itisaworldfilledwithalgorithmsthatareallfocusedonazero-sumgamewheretheindividualseemstoloseeverysingletrade.Itisawildwestwhereeveryoneisgettingtheshaft,exceptforthelargebanksandthehigh-speedtraders.“Everysystemicmarketinjusticearosefromsomeloopholeinaregulationcreatedtocorrectsomepriorinjustice.”NooneisbetteratexploringthetechnicalworldofmoneyandfinanceonWallStreet(andinSports)thanMichaelLewis.Histalentismostobviousinhisabilitytospotinconsistencies,absurdities,andflawsinasystemandexplainthemusinggreatcharactersandnarrativesthatthecharacterstellthemselves.ThereisnoMoneyballwithoutBillyBeane,thereisnoBlindSidewithoutLeighTuohyandMichaelOher,andthereisnoLiar'sPokerwithoutJohnMeriwetherandJohnGutfreund.TherewouldalsobenoFlashBoyswithoutSergeyAleynikov,BradKatsuyamaandRonanRyan.“TheU.S.financialmarketshadalwaysbeeneithercorruptorabouttobecorrupted.”ThesecharactersMAKEthisbookgreat.Lewis,however,iswhatmakesthisstoryvibrantlygreat.HeisamasteroftheNewNewJournalismnarrative,amasteroftiming,andamasterofgettingtothestorybeforetheothersuckersdo.And...heappearstodoitnotjustbecauseheisfantasticallygoodatit,butfromallappearancesbecause,likeBradKatsuyama,Lewisactuallygivesamicro-Faboutmakingthesystemdeliveronitspromise.
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Jul26,2014
DavidRubenstein
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Thisbookiswonderful;itiswell-written,engaging,andthesubjectisfascinating.Ihadnevergivenmuchthoughttostockexchanges,trading,andtheprocessesthatoccurthere.MichaelLewismanagestomakethesubjecttransparentandinteresting!Hedescribestheactivitiesofso-called"HighFrequencyTrading"(HFT),wherebuyandsellorderstostockexchangesareinterceptedandpreventedfromoccurringatthestatedprice.TheseHFTactivitiesgoon,largelyunnoticed,thoughtheyacco
Thisbookiswonderful;itiswell-written,engaging,andthesubjectisfascinating.Ihadnevergivenmuchthoughttostockexchanges,trading,andtheprocessesthatoccurthere.MichaelLewismanagestomakethesubjecttransparentandinteresting!Hedescribestheactivitiesofso-called"HighFrequencyTrading"(HFT),wherebuyandsellorderstostockexchangesareinterceptedandpreventedfromoccurringatthestatedprice.TheseHFTactivitiesgoon,largelyunnoticed,thoughtheyaccountformuchoftheactivityinstocktrading.And--theyskewthemarketinawaythatrobshugeamountsofmoneyfromlegitimateinvestors.Also,Ilearnedaboutthesoj-called"darkpools",thenon-publicstockexchangesthatthepublicneverhearsabout.Theyplayalargeroleinthewaybigbanksearnmoneyfrombrokersandhighfrequencytraders.ThefirsthalfofthebookgivesthebackgroundbehindHFT,howitoperatesandwhyitisallowed,evenencouragedbythebigbanks.ThesecondhalfofthebookdescribeshowBradKatsuyama,anexecutiveatRoyalBankofCanada,quithisjobtostartupanewstockexchangethatwoulddoitsbesttoleveltheplayingfield.HesetupthenewInvestor'sExchange(IEX),analternativetradingsystemthatdoesitsbesttopreventHFTfromprofiting.Thisexchangeisnowlessthanayearold,butseemstobedoingverywell.ItistheONLYstockexchangethatactuallypublishesitsrules,makingtheprocesstransparenttoinvestorsandbrokers.Ididn'treadthisbook--Ilistenedtoitasanaudiobook.DylanBakeristhatnarrator,andhedoesaverygoodreading.Hecertainlykeptmeengaged,andwishingthebookwouldnotend.
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Aug21,2016
BrianYahn
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MichaelLewisexplainshowthestockmarketbecamesuchanincomprehensiblyunfairsystemasanaturalbyproductofhumangreedandanimosity.Atonebriefpointinhistory,weviewedinvestingasawaytomaketheworldbetteroffforeverybodyinvolved.ButthenWallStreet'sgreedtookover,starvingforinstantgratification,andturnedinvestingintoazero-sumgame:theonlywaytheyseeawinisifordinary,hardworking,productivemembersofsocietylose.InFlashBoys,thefinancialsyst
MichaelLewisexplainshowthestockmarketbecamesuchanincomprehensiblyunfairsystemasanaturalbyproductofhumangreedandanimosity.Atonebriefpointinhistory,weviewedinvestingasawaytomaketheworldbetteroffforeverybodyinvolved.ButthenWallStreet'sgreedtookover,starvingforinstantgratification,andturnedinvestingintoazero-sumgame:theonlywaytheyseeawinisifordinary,hardworking,productivemembersofsocietylose.InFlashBoys,thefinancialsystemisoperatingasasingularshort-sightedmonsterstrivingtobringtheentireworldtoitsknees.Butafewwhite-knightWallStreetersarerevoltingagainstthebeast,andthey'rewinning.It'slikeDavidvsGoliathexceptwithhigherstakes.MichaelLewisturnsthestoryofBradKatsuyamaandIEXintotheHero'sJourneytothepromisedland.Intypicalfashion,thestorystartsasaplot-basedthriller,becomesanincomprehensiblemysteryofhighfrequencystocktrading,thenaparableofwhat'sgonewrongwithcivilization,andfinallyitendsonableaknoteofhope:thatthegoodguyswillcomeoutaheadandbringallofsocietywiththem,likehasalwayshappenedinthepast.Thebiggestproblemformeisthat,whatMichaelLewisisknownfor,explainingcrazycomplicatedthingsinawayanyonecanunderstand,hedoesn'treallyevenattempthere.He'sbothshortondetailsabouthighfrequencystocktradingandrepetitive.Hespendsalotoftimeexplainingtheobvious,likehowgrantingunfairaccesstoinformationtoprivatepartiescorruptedtheentiresystem.Butglosesoveralmosteverythingelse,including--moreorless--theresolution,howBradKatsuyamaandIEXareactuallyfixingit.
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Sep22,2014
RikuSayuj
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media-hyped
It'sAllRiggedFolks!Theseeminglydemocratic'market'isaclasssystemandthenameofthegameisspeed.Thereisahierarchyofspeedinplaceandthehavesarelootingthehave-nots.Talebmadeanameforhimselfridiculingthemarkets,theexpertsandthetraders-attributingwhatevermoneytheseblokesmadetodumbluck.Nobodycangamethemarket,hesaid.Wealllikedthat.Yes,theymightmakemoney,buttheysureashelldonotdeservetobesmugdoingso.Plus,atleastwecanalso
It'sAllRiggedFolks!Theseeminglydemocratic'market'isaclasssystemandthenameofthegameisspeed.Thereisahierarchyofspeedinplaceandthehavesarelootingthehave-nots.Talebmadeanameforhimselfridiculingthemarkets,theexpertsandthetraders-attributingwhatevermoneytheseblokesmadetodumbluck.Nobodycangamethemarket,hesaid.Wealllikedthat.Yes,theymightmakemoney,buttheysureashelldonotdeservetobesmugdoingso.Plus,atleastwecanalsoplayinthesamemarketsandhavethesamelongodds.Lewisaskstolookcloserandexposesthatthemarketsarenotjustpopulatedbyluckydupe-artiststryingtopassthemselvesoffassmart,butbysuper-techninjaswithunknownsuperpowers.Ok,sotheseguysnotonlymakemoneybutarealsogamingthemarketsothattheycannotloseatall?Theyareborderlineillegalinmakingtheirmoney?Nowwecannotplayinthemarketatall?NotonlyisWallStreetprimarilyforthetopguns,butisitalsobecomingmoreandmoreanexclusiveclubwheretherestenteronlytobeskinned?Thegameisthus:Youseethetickerpriceonyourscreenandplaceanordertobuysomeshares.Theorderisthentransmittedelectronicallytotheexchangestosatisfyyourorder.However,itisgoingtotakesometimegettingthere,andjustlikeFlashdoesinthosecomics,therearetraderswhocancheckonyourorder,runaheadofitandplaceanorderthemselvestobuythesameshares,thenturnbackandbewaitingforyourorderwhenitarrivessothattheycansellthesharesyouneedtoyou.Theytakenoriskthiswaysincetheyengageinthemarketonlywhentheyhaveanassuredbuyer/seller.“Assoonasyourealizethis,”hesaid,“assoonasyourealizethatyouarenotabletoexecuteyourordersbecausesomeoneelseisabletoidentifywhatyouaretryingtodoandraceaheadofyoutotheotherexchanges,it’sover,”hesaid.“Itchangesyourmind.”Itwasasifonlyonegamblerwerepermittedtoknowthescoresoflastweek’sNFLgames,withnooneelseawareofhisknowledge.Heplacesbetsinthecasinooneverygameandwaitsforothergamblerstotaketheothersideofthosebets.There’snoguaranteethatanyonewilldoso;butiftheydo,he’scertaintowin.Soyes,somecanplaythemarketandmakenolosseswhatsoeverforyearsonend,preciselybecausetheytakenorisk.Gohereforadetailedsummary,itisworthunderstanding:http://online.wsj.com/news/articles/S...Now,thisisaninterestingconceptanditisalsoastorythatneededtobetold,butitdidnotrequirethesemanypagestodoitin.Lewisdragsthestorytosuchanextentthatitalmostgrindstoahaltatimes.Thedetailedstoryonthelayingofthehighspeedcable,thestoryabouttheengineerwhohelpedGSinmanagingtheirHFTs,theriseofthewallstreet-nobody,etc.addsnothingtothecorestory,whichisabouthowabunchofgoodguysfromwallstreet(gasp!)trackeddownwhatwashappeninganddidtheirbesttoputanendtoit.MostofLewis'bookshavestucktothestoryofoneguyoragroupofpeopleworkingtheirwaythroughamaze,beingverycleverdoingso,andcomingoutwithgame-changingrevelations.Thatworks.Butthistimearoundthematerialwasnotlargeenough(perhapsbecauseBigFinanceismorecloselyguardedthanmostfields?)and,quiteunfortunately,Lewisdecidedtopacksomeperipheralstoriesin.Itaddednothinganddilutedthesenseofadventure.Itjustmadethecoredetectivestorylessexciting.Iwouldhavepreferredthishelpinginhalfthenumberofpages,orless.Muchofitwasawasteoftime,butthemessagewasnot:TheCoreMessage:TheentirehistoryofWallStreetwasthestoryofscandals,linkedtogethertailtotrunklikecircuselephants.Everysystemicmarketinjusticearosefromsomeloopholeinaregulationcreatedtocorrectsomepriorinjustice.Nomatterwhattheregulatorsdid,someotherintermediaryfoundawaytoreact,sotherewouldbeanotherformoffront-running.First,therewasnothingnewaboutthebehaviortheywereatwarwith:TheU.S.financialmarketshadalwaysbeeneithercorruptorabouttobecorrupted.Second,therewaszerochancethattheproblemwouldbesolvedbyfinancialregulators;or,rather,theregulatorsmightsolvethenarrowproblemoffront-runninginthestockmarketbyhigh-frequencytraders,butwhatevertheydidtosolvetheproblemwouldcreateyetanotheropportunityforfinancialintermediariestomakemoneyattheexpenseofinvestors.Thefinalpointwasmoreaspirationthaninsight.ForthefirsttimeinWallStreethistory,thetechnologyexistedthateliminatedentirelytheneedforfinancialintermediaries.BuyersandsellersintheU.S.stockmarketwerenowabletoconnectwitheachotherwithoutanyneedofathirdparty.“Thewaythatthetechnologyhadevolvedgavemetheconvictionthatwehadauniqueopportunitytosolvetheproblem,”hesaid.“Therewasnolongeranyneedforanyhumanintervention.”IftheyweregoingtosomehoweliminatetheWallStreetmiddlemenwhohadflourishedforcenturies,theyneededtoenlargetheframeofthepicturetheywerecreating.“Iwassoconcernedthatweweretalkingaboutwhatweweredoingasasolutiontohigh-frequencytrading,”hesaid.“Itwasbiggerthanthat.Thegoalhadtobetoeliminateanyunnecessaryintermediation.”Driveoutthemiddle-men,evenastheycrydoomattheprospectofamarketwithoutliquidity?ThatiswhatIEXandtheultra-computerizationbrandofanti-predatorcustomersolidarityandequalitypresentedbyLewisisreallyadvocating.Ifyouthinkaboutit,thatisabodyblowtosomeofthemostcherishedconceptsofcapitalismitself.
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DanniiElle
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InallhonestyIpickedthisupasWallStreetandthestockmarketaresomethingIhaveanintetestinbutlittleacualknowledgeof.Whilstdefinitelyaninterestingreadandprovidingtherightamountofshockfactor,IfeltlikeIwasjustskimmingsomeareaswithoutdigestinganyoftheinformation.Maybethisistodowithmyownlimitedunderstanding,butitfeltlikethecorestorywasdraggedandrepeatedtoreachthesubsuquentlength.Thisovertellingledtoanyfeelingofshockatth
InallhonestyIpickedthisupasWallStreetandthestockmarketaresomethingIhaveanintetestinbutlittleacualknowledgeof.Whilstdefinitelyaninterestingreadandprovidingtherightamountofshockfactor,IfeltlikeIwasjustskimmingsomeareaswithoutdigestinganyoftheinformation.Maybethisistodowithmyownlimitedunderstanding,butitfeltlikethecorestorywasdraggedandrepeatedtoreachthesubsuquentlength.Thisovertellingledtoanyfeelingofshockatthecorruptiondetailedbecomingmutedandmyenjoymentwanedalittleasthebookprogressed.Thisstoryisdefinitelyoneworthreadingbutbepre-warnedthatthereisafairamountofrepitition.
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Mara
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OnReading&RatingFormymoney(which,sinceI'mneitheraWallStreettycoon,noraRussiancodinggenius,isn'tawholeheckofalot)thisisn't
MichaelLewis'
bestwork.Myreadingexperiencewasamixoffascinationandfrustration.Whythelatter?Lewiscovers(andcondemns)awholebunchofdifferentthings.Agreementaside,asahumanwhoreadsbooks,thislackofdistinctioniswhatresultedinthebulkofmystar-docking(I'dgiveita
2.5/5
ifhalf-starswerestreetlegalaro
OnReading&RatingFormymoney(which,sinceI'mneitheraWallStreettycoon,noraRussiancodinggenius,isn'tawholeheckofalot)thisisn't
MichaelLewis'
bestwork.Myreadingexperiencewasamixoffascinationandfrustration.Whythelatter?Lewiscovers(andcondemns)awholebunchofdifferentthings.Agreementaside,asahumanwhoreadsbooks,thislackofdistinctioniswhatresultedinthebulkofmystar-docking(I'dgiveita
2.5/5
ifhalf-starswerestreetlegalaroundhere)and,I'mguessing,someofthebacklashagainstthebookamonginsiders.Lewis'booksoftenseemtospawn‘for’and‘against’camps,butwiththisoneIcan'tforthelifeofmefigureoutwhereIfall!!Iwashopingtohavecometoaresolutionbeforeattemptingtowriteareview,but,astimepasses,itseemslikethat'sjustnotinthecards…Since
FlashBoys
evokedsomeprettyheatedinternaldebatesbetweenMaraandOtherMaraI'mgonnaletyouknowwhereI'mcomingfrom(byallmeans,feelfreetoskipahead—I'llevenspoiler-izethissectionitallthemoreskipableforyou).(viewspoiler)[Myknowledgeofmarketsandhowtheyworkingeneralisdefinitelyskewed.Lackinganysortofformaltraining,mostofwhatIknowcomesfromreading"populareconomics"featuringthe"behavioral"sideofthings(e.g.what'sgoingonintheheadofthisso-calledhomoeconomicus),andIdefinitelyloveagoodnarrativeaccountoffinancialcrisesnewandold.Otherrelevantcharacteristics?Well,I'mterribleatcapitalism.Idabbleinquantitativeanalysisandotherdata-ygoodnessbyday,andoftenfindmyselfwantingtoqualifyeverythingIdowith‘butIusedframework(orpackage)x,y,z’asif,otherwise,everyonewillassumethatIderivedmyresultsfromfirstprinciples(it'sridiculous,Iknow,andI'mworkingonit).Thatbeingsaid,I'malsolearningthatpeoplearewillingtopayyou(despitemyprotests)foraccessingandcompilinginformationthat'soutthereforfreebecause,well,youknowhowtogetit,andtheysimplydon'thavetime.(hidespoiler)]InrealityneitherInorthevoicesinmyheadknowmuchaboutthelogisticsoftradingbeyondthescopeofthisbook,butwhatfollowsisalistofsomeofthepointsofmentalcontention.1.TheNeedforSpeedWhileI'mveryproNetNeutralityandpublicaccesstopublicgoods,IhadtroublediscerninganappropriateanalogueforDanSpiveyandhissuperstraight,superfast,fiberopticcable.
Let'ssaythatinformationtravelislikehumantravel.Ifinformationhighwaysaretheequivalentof,well,highways,thenyes,everyoneshouldhaveequalaccess.However,therearepeoplewhoarewillingtopayapremiumtogettoandfromwherevertheyneedtobemorequicklyandmorereliably—perhapsbyhelicopterorprivatejet.Heck,uscommonfolkcancoughupcashtogetbetterbandwidth,sothatmuchseemsfair.However,whataboutalltheeminentdomainstuff?Well,Idon'tknow.Isthisanydifferentfrom'airrights'transactions?2.InformationAsymmetryLetmestartbyzoomingoutabithere.Somegamesaregamesof“perfectinformation.”Chessisprobablythemostcommonlycited,butbackgammon,andtic-tac-toebothsharethesamerequisiteattributes:bothplayersarecompletelyawareofthestateofthegameatalltimes.InordertoavoidlaunchingintoatreatiseonBayesianNashEquilibriumandsuch,I'mgonnajustlumpgameslikepokerorcrazyeights,orthePrisoner'sDilemmaintogetherasgamesof
imperfect/incompleteinformation.
Informationasymmetry,
ontheotherhand,existswhenonepartyhasmoreorbetterinformationthananother.And,FYI,wedealwithtransactionsofasymmetricinformationallthetime!Idon'tcareifyougooncarfax,orgetawholebunchofquotesfromcontractorsbeforeremodelingyourkitchen—evenifwehaveaccesstoinformation,wedealwithpeoplewhocould,theoretically,screwusoverbecausetheysimplyknowmore.Ofcourse,therearedifferenttypesofinformationasymmetrywhenitcomestofinancialmarkets.Forexample,
“insidertrading”
isanexampleofinformationasymmetrythat,inmostcases,isillegal.*Mostofthetimewhenonerefersto“informationasymmetry”it'snotagoodthing,butitseemstome(and,again,I'mnoexpert)thatcertaintypesofinformationasymmetrymaketheworldgoround.It’snotthatit’salwaysinnocuous,it’sjustthatweallow(andencourage)itonsomanyotherlevels.Themarketwouldbestaticifeveryonethoughtthattheyhadthesameamountofinformation(orlessthan)everyoneelseoutthere.Right?(Seriously,I’masking…)3.TheFightforFairnessMydad,whoreadthisbookawhileback,contendedthatbefore*something*(high-frequencytrading,I'llassume),themarketusedtobealevelplayingfield.Myknee-jerkreactionwasthatthissimplywasn'ttrue.But,thenagain,therearemanydifferenttypesofunfairness(andI'llhavetoruminateonthissomemorebeforeIfigureoutwhatexactlytheseare).ThisisdefinitelythepartofthebookaboutwhichIfeelmostconflicted.Otherthan
BradKatsuyama,
thePatronSaintofFairness,whoexactlyarethegoodguyssupposedtobeinthisall?
Idon'tknowhowmuchinput(ifany)MichaelLewiswasallowedtogiveonthecartoonabove,butitcapturesperfectlywhatrankledmynerdyfeathersmost—theideathat,basically,it'sthesecomputer-usinghoodlumsthatareresponsiblefortheinjusticesofWallStreet.4.DarkPoolsandFiduciaryDutyAsfarasthispartgoes,IjustfeltlikeIneedmoreinformationthanIwasgiven—darkpoolsseemshady(theyhavetheword‘dark’intheirtitles,afterall),butIalsodon'tknowhowaclient'sinvestmentendsupthere.ThoughI'mtakingitintoanewcontext,I'mgonnamakeuseofananalogyChrisStucchiolaidoutin
“AFerventDefenseofFront-RunningHFTs”
(thethesisofwhich,BTW,I'mnottotallysoldon).Inthecontextofacompetition(and,let'sbereal,thestockmarketisdefinitelyacompetitivearena)therulesofengagementaredifferentdependingontherelationshipbetweenthepartiesinvolved.
So,if
Mickey
(whoisRocky'scoach)punches
Rocky
intheface,that'sbad.It'sunfair,and,asChrisputit,thatwouldmeanthatMickeyisanasshole.Conversely,ifApollopunchesRockyintheface,thisdoesnotmakehimanasshole.Actually(andhereI'mtakingitastepfurtherthanChrisdid),Apollowouldbeanassholeifhedidn'tatleasttrytopunchRockyintheface.Therearepeoplecountingonhimtodojustthat!Questions?Comments?Snideremarks?Soyeah,I'mjustgoingtoleaveittherewiththislooselyrelatedboxinganalysisthatIhaven'teventiedbackinwiththebook.Idon'twantthistoaddtomygrowinglistoflanguishing,half-finishedreviews,soI'mputtingitoutthere,half-bakedthoughtsandall.Inadditiontosnideremarks,I'dbehappytofieldanyfurtherreadingrecommendations,especiallyanythingthatbeginstodescribenormal,“just”behaviorinandonWallStreet(andthosefast,straightwiresrunningacrosstheglobe)because,damn,isthatstuffeverdifficulttofind!IfyoufoundthisbookinterestingIhighlyrecommendcheckingoutSteve'stwo-partreview(learningandlaughingalwayspairnicely).____________________________________________*ThanksalotSEC—turnsoutthereislegalinsidertrading,whichisjustconfusing.["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>["br"]>
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Kathryn
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Iwasabackofficespreadsheetjockeyperformingdailyreconciliationsonnon-dollarswapsforamerchantbankinLondoninthelate1990's.TheyemployedmebecauseIhadabackgroundincorporateaccountsbutmostlybecauseIlookedgoodinaskirtandknewhowtoputabetonahorseatlunchtime.Tostartwithitwasfun.ThevolumeandvalueoftransactionswasunlikeanyjobI'dhadbeforebuteventuallyIbecameuncomfortablebecauseIwasstartingtofallbehind.WhenIexplainedthesi
Iwasabackofficespreadsheetjockeyperformingdailyreconciliationsonnon-dollarswapsforamerchantbankinLondoninthelate1990's.TheyemployedmebecauseIhadabackgroundincorporateaccountsbutmostlybecauseIlookedgoodinaskirtandknewhowtoputabetonahorseatlunchtime.Tostartwithitwasfun.ThevolumeandvalueoftransactionswasunlikeanyjobI'dhadbeforebuteventuallyIbecameuncomfortablebecauseIwasstartingtofallbehind.WhenIexplainedthesituationtomylinemanager,hehadawordwithhisbossandtheysatdowntolookatmyprocess.Icouldn'tmatchthetransactionsfastenoughbecauseIwantedmyreconciliationstoshowactualtrades-Iwantedtomatchthebuynoteswiththesellnotes.TheyunderstoodandencouragedmetoasktheUSofficeformoreinformationonthetradesIwashavingtroublewith.TheU.S.officereplied,"Youshouldknowhowtodothisbynow.Don'tmatchthem,justbatchthemuntilyoucatchup."SoIdid.EverydayeveryoneonmyteamwouldreceiveanewspreadsheetcontainingtradesworthhundredsofmillionsofdollarstoreconcilefortheirparticularvariationoffinancialinstrumentandaslongasIwasaroundUSD$100,000underoroverattheendofeachday,Iwastoldthatthatwasmorethangoodenough.Insomewaysitwas.Iunderstandtheterm"material"butgrewmoreandmoreuncomfortablewithmyroleandno,Ineverevercaughtup.Itwasthescaleofitthatreallyconcernedme.Iwasjustonepersonononefloor,inonebank,inonecity.Therewouldhavebeentensofthousandsofusworkinglikethis.IleftbecausemyvisaranoutbutIwassorelievedtogo.Reading"FlashBoys:AWallStreetRevolt"hasbeenlikeseeingatherapist.Icannotemphasiseenoughwhatareliefitwastoreadaboutpeopleworkinginthatsector,muchmorerecently,questioningthefundamentalsofwhattheyweredoingandthenhavingthecouragetocreatechange.AllIsaw,andIwaspartytoitforquiteawhile,werepeoplewhojustneededajobandwouldkeeptakingthatpaypacketforaslongastheycould.ThesewerethedayswhenmycornerstorestockedVerveCliquotnexttothemilkandformyverymenial40houraweekroleIwasearningenoughtobuythreebottlesanhour.Ifyouhaveaslightinterestinfinancialmarkets,you'lllapthisbookup.Forthosewho'refeelingalittlecynicalabouttheauthor'sviewpoint,Istillthinkyou'llfinditapageturner.Highlyrecommended.
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NickBlack
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wow.definitelyLewis'sbestbooksinceMoneyballorLiar'sPoker,thoughI'mwaitingtotalktosomehigh-frequencytradingfriendsbeforeimakefinaljudgments.definitelyahellofabooktoreadhereinLowerManhattan,intheshadowofWallStreet,beforegoinginforaninterviewatGoldmanSachs.lotsofgreatquotesandsuperblittlevignettesandcharacterstudies(thehallmarkofMichaelLewisreporting).quiteabitseemedtohavebeenrecycledfromhispiecesforVanityFairoverth
wow.definitelyLewis'sbestbooksinceMoneyballorLiar'sPoker,thoughI'mwaitingtotalktosomehigh-frequencytradingfriendsbeforeimakefinaljudgments.definitelyahellofabooktoreadhereinLowerManhattan,intheshadowofWallStreet,beforegoinginforaninterviewatGoldmanSachs.lotsofgreatquotesandsuperblittlevignettesandcharacterstudies(thehallmarkofMichaelLewisreporting).quiteabitseemedtohavebeenrecycledfromhispiecesforVanityFairoverthepastfewyears,though(thechapteraboutSergeyAleynikodefinitelyliftedsomematerialdirectlyfromVF).fwiw,afriendofmineatVirtuFinancial(whoadmitsbeingheavilybiased,asVirtuisoneofthefirmscalledoutasexploitative)saysthat"Lewis'signoranceofhowthemarketsreallyworkmade[thefriend]sicktohisstomach,"andcouldn'tfinishthebook.so,takethingswithagrainofsaltfornow.frommyownstandpoint,someofLewis'stechnologicalcommentsseemedludicrous(passwordsinone'sbashhistory?what?).nonetheless,fascinating.updatesoitalkedtosomecoworkerswhowereatTwoSigma(anotherHFTfirm),andtheyhadsomeprettygoodcounterarguments,mainlythatspreadshavebeentightenedalmosttozero,andthatmanytechniquesaresimplythelogicalconclusionofnaturaltrading,andhavesimplymadeintractablebadpractice.bothconcluded,however,withthestatementthat"thestreetisahorribleplace,andtheyareallsharks."secondupdatethisresponseisworthreading:http://scottlocklin.wordpress.com/201...
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m
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I'malongtimereader&fanofMichaelLewis,butwiththisbookhejumpstheshark.WhilereadingthisbookIfoundmyselfatfirstlaughingwithLewisandthenlaughingatLewis.IntheendIthrewthebookaway,annoyed&saddenedbyLewis'sinabilitytoaccuratelyreportthehistory&functionofHFT.InsteadoflistingmycomplaintsI'ddirectreaderstobetteranalyses,likethesefromManojNarang,CliffAsness,MattLevine,MatthewPhillipsandMichaelPeltz.Lewiswoulddowelltoheed
I'malongtimereader&fanofMichaelLewis,butwiththisbookhejumpstheshark.WhilereadingthisbookIfoundmyselfatfirstlaughingwithLewisandthenlaughingatLewis.IntheendIthrewthebookaway,annoyed&saddenedbyLewis'sinabilitytoaccuratelyreportthehistory&functionofHFT.InsteadoflistingmycomplaintsI'ddirectreaderstobetteranalyses,likethesefromManojNarang,CliffAsness,MattLevine,MatthewPhillipsandMichaelPeltz.Lewiswoulddowelltoheedtheadviceof(hiscousin)NicholasLemann,formerdeanofColumbiaUniversity'sjournalismschool,onthecarethatneedbepaidto"framing"anarrative—whichLewiscompletelybotchesinFlashBoys.http://www.ialjs.org/wp-content/uploa...FuturehistorianswilllookbackuponthisageofHFThysteriaandwonderhowitcametopassthatBradKatsuyama,amajor-money-centerbankemployeewhowaspaid$2million/yeartomanageanunprofitabledivision(?!!),washeraldedasaheroofthecommonman,whileDaveCummings,aKansasCityprogrammerwhoalmostsinglehandedlybrokeNYC'smonopolycontrolofstocktrading,wasdepictedasavillain.http://en.wikipedia.org/wiki/BATS_Glo...==================================================BelowareinchoatethoughtsImightsomedayrefine:LewisrepeatedlytellshisreaderswherehisprotagonistswereonthemorningofSept.11,andthenusesthatanecdotetoriffuponhowimportanttheneedfor"meaning"hasbecomeintheworkplace—athemehefirstriffeduponinthis2008column:http://www.bloomberg.com/apps/news?pi...Lewistoldreadersinthatcolumn:"[A]skyourself:AmIlookingforajob,oracalling?"—adeepquestiontoposetoreadersbutonethatpresumablylurksnotfarbelowthesurfaceofLewis'(ormy)ownthinking.HFTappearstoupsetLewisbecauseitevacuatesmeaningfromtheworld—it'sallalgorithms.Thetraditionalmanoffaithseekstranscendence;hewantscontactwithGod,theOne,theTruth.Buttoday'smoderneconomy,financialmarkets,andworkplacehasmadeithardertofindmeaningfulnessineverydayemployment.Thismaygiverisetoexistentialangst.InasenseFlashBoyscanbereadasaquest-romance—aquestforstablemeaninginaworldof9/11terroristattacks,missingairliners,badfills,anddiseaseslikeALS.OnceuponatimeonCharleyRose'stalkshow,Lewisdescribedhisoeuvreastravelwriting—akindofanthropologicalexplorationofforeigncultures,anaptdescriptioninmyview.HFThysteria,however,isaphantommenacethatLewishasginnedup(butwhy?)towastetheworld'spsychicenergy.Surelynoreaderwillbesatisfiedtotrudgethruhisbookonlytolearnatbottomthathisbookamountstoacridecoeuragainst(waitforit)"hide-not-slide"market-typeorders.Isthatallthereis?Ifso(asPeggyLeesang)thenlet'skeepdancing,let'sbreakouttheboozeandhaveaball.Contrarytoimpressions,neitherLewisnorKatsuyamaopposeHFT.Katsuyamatoldareporter(Oct.2013):"We'renotanti-HFT...."Tothatend,KatsuyamaandRyanhavebeenmeetingwithHFTfirmsandlisteningtotheirideas....
"There'salwaystalkthatHFTsaregamingthesystemandhowthereisaneedtofilterthemout,"Katsuyamasaid."ButthereareHFTstrategiesouttherethatareofbenefittothemarket.SomeHFTfirmshaveembracedus,whileothershavenot."FlashBoys(p.171):"Theycouldn’tverywellprohibithigh-frequencytradersfromtradingontheexchange....And,anyway,itwasn’thigh-frequencytradinginitselfthatwaspernicious;itwasitspredations"So,Lewisisn'topposedtoHFT;he'sopposedto"predations".Easypeasy.SaulBellowoncesaidthatwhen"Askedforanopiniononsomeperplexingquestionoftheday,IsometimessaythatIamforallthegoodthingsandagainstallthebadones."Lewis&Katsuyamaareagainstbadthings—likepredations.Canweallagreethatpredationsarebad?Nowwhat?=========================IthinkLewisispersuadedbyHeidegger'scritiqueoftechnology.http://french-italian.stanford.edu/op...=========================ByfarthemostfrighteningWallStreetcharacterinMichaelLewis'oeuvreisJohnSchwall,IEX’sCOO,whomLewis'describesinthesepagesassomethingofacrossbetweenthereal-lifeEdwardSnowdenandStrelnikov,theBolshevikcommanderinDoctorZhivago.Stayouttathisdude’sway;he’sonamissionfromgod—toridtheworldof“hidenotslide”orders.InLewis'rendering,Schwallhasbeengalvanizedbyhismother'stragicdeathtobecominganavengingangeldedicatedtorighteousnessandpurityofheart:“WallStreetiscorrupt,Idecided,"saidSchwall....(page92)After[Schwall]metBrad,hewascertainthatthemarketattheheartofcapitalismwasrigged(95).Schwall:"Iknewwhowasbeingscrewed,peoplelikemymomandpop....(95)“Therewasquiteabitofvengeanceonmymind,”[Schwall]said.Astreakofangerranthroughhim,...whereitcamefromSchwallcouldnotsay,butheknewperfectlywellwhattriggeredit:injustice.“IfIcanfixsomethingandfuckthesepeoplewhoarefuckingtherestofthiscountry,I’mgoingtodoit,”[Schwall]said(p.100).[Schwall]learned...therewasnothingnewaboutthebehaviortheywereatwarwith:TheU.S.financialmarketshadalwaysbeeneithercorruptorabouttobecorrupted.(101)SchwallhadstartedoutlookingforthevillainswhowerecommittingcrimesagainstthelifesavingsofordinaryAmericans....Hewoundupfinding,mainly,abunchofpeoplewhohadnoideaofthemeaningoftheirownlives.Inhissearches,Schwallnoticed...[a]surprisinglylargenumberofthepeoplepulledinbythebigWallStreetbankstobuildthetechnologyforhigh-frequencytradingwereRussians.“IfyouwenttoLinkedInandlookedatoneoftheseRussianguys,youwouldseehewaslinkedtoalltheotherRussians,”saidSchwall.(127)SchwallisbyfarLewis'mostfrighteningcreation,lastseeninthesepagesmutteringtohimselfthatthesource&objectofhisvengeanceis...Russians.Butbypage241Schwallisseenenjoyingacontraband$300bottleofChampagne,farinexcessofthe$40limitvendorsmay'gift'toexchangeofficials,apparentlycorruptedtheperksofhisposition&power,likeStrelnikovinhisluxurytraincar.SchwallisfarmorefrighteningthananyofLewis’priorvillains,thosehapless&mostlyharmlesscharactersconjuredfromLewis'richimaginationthathenamedJohnGutfreund(Liar’sPoker)orWingChao(TheBigShort).=========================SomeonehadgivenRonana$300bottleofChampagne.He’dtoldSchwallthatithadcostonlyfortybucks,(241)=========================“Ronnie’ssayingtohimself,‘Youworkfortwenty-fiveyearsinthebusiness,howoftendoyouhaveachancetomakeadifference?’”========================="Bradthoughtthattheirbidtocreateanexampleofafairfinancialmarket—andmaybechangeWallStreet’sculture—couldtakelongerandprovemessier.Heexpectedtheirfirstyeartofeelmorelikenineteenth-centurytrenchwarfarethanatwenty-first-centurydronestrike."=========================ThisbooksayssomuchmoreaboutLewis'mindthanitdoesaboutanythingrelatedtowallstreet.MichaelLewis&MargaretMeadsharesomesimilarities:theybothprominentlywerefirsttofileimportantanthropologicalreportsontheirrespectivesubjects,reportsthatwerelaterfoundseriouslywanting.Buttheerrancyoftheirreportsdoesn'tdiminishthefactthatLewis&Meadwerefirstuponthescenewithnotebooks,theypavedthetrail.
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SamQuixote
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MichaelLewisreturnstohisfamiliarstompinggroundsofWallStreettoreporttotherestoftheworldthat,shock,stockbrokersareascorruptasever,evenafterthe2008crash!FlashBoyslooksatthephenomenonofhighfrequencytradinganditscomplexcorruption.Theimageofbrokerswearingblazersshoutingontradingfloorsislongdefunctwithbrokersthesedaysstaringatcomputerscreensinlockedrooms,thetradeshappeningonscreensinmicroseconds.Thenewdichotomyisthatwhoev
MichaelLewisreturnstohisfamiliarstompinggroundsofWallStreettoreporttotherestoftheworldthat,shock,stockbrokersareascorruptasever,evenafterthe2008crash!FlashBoyslooksatthephenomenonofhighfrequencytradinganditscomplexcorruption.Theimageofbrokerswearingblazersshoutingontradingfloorsislongdefunctwithbrokersthesedaysstaringatcomputerscreensinlockedrooms,thetradeshappeningonscreensinmicroseconds.Thenewdichotomyisthatwhoeverhasthetiniestadvantageofafractionofasecond’sspeedmakesthemostmoney.It’sacomplexbook-atleasttome,someonewhohasalmostnoknowledgeofhowthestockmarketworks!-thoughLewisdoeshisbesttoexplainittothelayman.Basicallyfibre-opticcableneedstobeinasstraightalineaspossibletoachievethehighestspeedssoalinewasbuiltbetweenNewYorkandChicagothatwasexactlythat,givingthosefirmswhousedittheadvantageofafewfractionsofasecond,translatingintobillionsinprofiteveryyear.Thesystemisthatsomeoneplacesanordertobuysharesataprice,thehighfrequencytraderinterceptstheorderandbuyssharesataslightlycheaperprice,completingtheorderandpocketingthedifference,usuallyapennyorsoonthedollar-butthesenumerousmicro-transactionsaddsuptremendously.Andit’skindaillegal,especiallyonce“darkpools”werecreated-privatestockmarketswherethebuyerdoesn’tseewhatthebrokersareuptoandnorecordsarekept,makingtheskimmingeasiertodo.Lewis’protagonist,sotospeak,isBradKatsuyama,abrokeratRoyalBankofCanada(eh?),whosawtheunfairnessofthissystemandsoughttoredressthebalancewithanewmodelstockmarketcalledIEX.Hisnewmodelwasdesignedtomakethingsmorefair,moretransparent,whilealsomakingthemarketmorestabletoavoidcrasheslikein2008.It’sinspiringthatguyslikeKatsuyamawouldtrysomethinglikethisespeciallyasmanypeoplehavetheideaofWallStreetbeingaplaceofunrepentantgreed,egoandcorruption-whichitlargelyis.GoldmanSachsonceagaincomesofflookinglikethebiggest,sleaziest,mostevilcollectionoffucksintheworld,thekindofhumangarbagewhichmakeatheistslikemewishtherereallyisahellforthemtoburninforeternity.ButitlookslikeIEXworkedandKatsuyamamadearealdifference.IusuallyenjoyLewis’booksashetakesonsomemajortopicsandmakesthemaccessibleandinteresting,likeinTheBigShort(aboutthe2008crash)andBoomerang(theaftermathofsaidcrash)-bothhighlyrecommendedbytheway.UnfortunatelyFlashBoys,whilealogicalnextstepindocumentingthefinancialchaosofourtimes,wasabittooesotericforme.ItfeltoverlycomplexparticularlyasI’mnotespeciallyinterestedinthestockmarketandhavenodealingswithstocks/sharesanyway,soitseemedabitirrelevantfrommyperspective.Asaresultitalsoseemedoverlongandmorethanabitboring.IzonedoutquiteabiteventhoughItriedmybesttogetahandleonthesubject.IthinkreaderswhowouldenjoyFlashBoysshouldbeveryinterestedinfinanceandthestockmarket,beyondthelevelofthedilettante.Still,IapplaudLewis’effortstokeepthemassesinformedonthenittygrittyshittinessthatWallStreetkeeptryingtogetawaywith.FlashBoyswasn’tabookthatspoketomeverydeeplybutI’mgladthereareguyslikeMichaelLewisandBradKatsuyamaoutthere,usingtheirwitsandskillstokeepfuckerslikeGoldmanSachsinline.
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Trish
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MichaelLewishasgivenusanothergreatread,leavingusponderingbigissuesaboutthelatestwallstreetscamandthepointofsociety.Intoday’sworld,theinformationhesharesabouthigh-frequencytrading(HFT)onWallStreetfeelsdatedbeforeitarrivesonthepage…beforewereadit…beforewecanactonit.AtfirstIwasaghastthatinformationaboutthe,ineffect,skimmingortaxingoftradesonthe[any]stockmarketwasold—thisstuffwasrecognizedin2010!Whyarewejustlearnin
MichaelLewishasgivenusanothergreatread,leavingusponderingbigissuesaboutthelatestwallstreetscamandthepointofsociety.Intoday’sworld,theinformationhesharesabouthigh-frequencytrading(HFT)onWallStreetfeelsdatedbeforeitarrivesonthepage…beforewereadit…beforewecanactonit.AtfirstIwasaghastthatinformationaboutthe,ineffect,skimmingortaxingoftradesonthe[any]stockmarketwasold—thisstuffwasrecognizedin2010!Whyarewejustlearningaboutit?!ButofcoursenowIrealizethatthefolksthatknewaboutitweren’ttalking—whywouldthey?Andthemarketwasgoingup,sotaxesonincreasesweren’tasoneroustoinvestorsasitwouldhavebeenhadtheybeenlosingtheirshirts.Butalso,BradKatsuyamawassettinguphisownexchange,IEX,todosomethingtocountertheactivity.Itwouldnothavemadeassatisfyingtodiscovertheproblemwithoutasolutionbeingpresented.Katsuyamagatheredacollectionoffolksnoonecouldmakeupintheirwildestdreamsandsoughtwaystohampertheeffectsofhigh-frequencytradesoninvestors.LewiscallsKatsuyama"anAmericanhero"inhisApril1interviewwithCharlieRose.KatsuyamawasCanadian-bornandcametoWallStreetfortheRoyalBankofCanada.Hewassuccessfulasatrader,makingabouttwomilliondollarsayearinsalaryandbonuses,butnoticedoddthingshappeningtohistradesabout2007.LewisshareswhathappenedtoKatsuyama'sthinkingasheexploredthereasonsfortheartifactshewasnoticingonhisscreenashetraded.Thisisaninterestingstory,butthemostinterestingpartofthestoryisundoubtedlywhatcomesnext.ThreedaysafterthepublicationofLewis’book,AttorneyGeneralHolderannouncedtheDOJhasanon-goinginvestigationintohigh-frequencytradingonstockexchanges.Whiletheactivitiesofhigh-frequencytradersmayormaynotbestrictlyillegal,thereisnodoubtaboutitscorrosiveandcostlyeffects.Tradersknowledgeableaboutthescandalacknowledgethatsomethingmuchlikethisskimminghasbeengoingonsincethemarketbeganoveracenturyago,andwillprobablygoonagaininanotherformifthisinstanceisregulatedoutofexistence.ManyofthetradersintroducedinthisbookarefilledwithaweattheperspicacityandpersistenceofHFTtradersandwonderiftheincentiveswerechangediftheactivitieswouldmodulate.Asithappens,thisfishtailsnicelyintoJaronLanier’sdiscussionabouttheinternetingeneral,inWhoOwnstheFuture?InthatbookLaniersuggeststhatmodifyingincentives(hegivespossiblewaystodothat)wouldmakeadifferentlandscapeforthoseeagertoparticipateintheeconomy.Financialremunerationisnottheonlyincentiveattractivetohumanbeings.Afterall,howmuchcanonepersonspend?Ontheotherhand,theaccumulationofvastsumsofmoneyinthehandsofafewcancausemajorsocietaldisruption.Thisisnotsimplyacaseofill-gottenfundsasindaysofold.Computershavechangedalotofthings,andthechangesareexponential.It’sanewworld,andLewisexcavatesasmallcornertorevealtalentedfolksbeaveringawayattheunderpinningsofour,andtheworld’s,financialpillars.Thiswasoneheckofafascinatingwake-upcall.-------TheNYTimesSundayMagazineon4/6/14hadpicturesoftheIEXstaffandBradKatsuyamaandashortsynopsisofthewholestory.Thebookisbetter,buttimeismoney.
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Trudie
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MichaelLewisreallycouldwritea700pageexposeoncorruptioninthepaperclipindustryandIwouldbelininguptobuyit.Heistheonlypersonthatcanmakeapage-turningexperienceoutoftheshadowyworldofhigh-frequencytrading(HFT).LewisrecruitstheperfectguidestohelphimunlockthesmokeandmirrorsgamesplayedintheunfathomablecomplexityoftheUSstockexchange.Inthisbook(andalmostallLewis'books)thegeek,thesocialoutcast,thewhistle-blower,theintroverted
MichaelLewisreallycouldwritea700pageexposeoncorruptioninthepaperclipindustryandIwouldbelininguptobuyit.Heistheonlypersonthatcanmakeapage-turningexperienceoutoftheshadowyworldofhigh-frequencytrading(HFT).LewisrecruitstheperfectguidestohelphimunlockthesmokeandmirrorsgamesplayedintheunfathomablecomplexityoftheUSstockexchange.Inthisbook(andalmostallLewis'books)thegeek,thesocialoutcast,thewhistle-blower,theintrovertedcomputerprogrammeraretheunsungheroesandtheirindividualstoriesarethetrueheartofthebook.IadmirehowwellLewisbringstolighttheworkoftheseanalyticalthinkers,thepeoplewhosepassionisdataandcodeandelaboratefinancialpuzzles,theonesthatusetheirskillstodogoodratherthanuseittomakebillionsofdollarsoffignorantinvestors.InthatregardFlashBoysisaheart-warmingstory.Inanotherlight,itisasciencefictionthrillerwhereHFTsaretoplevelpredatorslivinginmurkypoolscommitting"darkpoolarbitrage"onslowmoving,unwittinginvestorswhohavebeenluredintothesepoolsbylargeWallstreetbanks.LuckilyaCanadiancomestotherescue.BradKatsuyamarecruitsabandofmisfitsandgeeksandsetsouttoexposethesepredatorsandshamethebanks.Hesetsuphisowncleanandtransparentpoolwheretherulesareclearforeveryoneandpredatorsareheldatbay,itbecomesabeaconforthewayWallStreetshouldworkandanaughtyboycalledGoldmancomesforwardandcloseshisowndarkpoolandbeginsonthepathofreforminghisbadways(maybemyownwishfulthinkingonthatlastpart).Whicheverwayyoureadit,it'sagreatstory.
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May03,2015
AndrewSmith
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Igavethisadecentgo-about25%ofit-butIjustcouldn'tgetpastthefactit'sjustwaytooslowandmuchtooboring.It'salsoverytechnical,intermsofexplaininghowhigh-frequencytradingintheUSequitymarketwasrigged.Andthoughtheauthortakestimetotrytoexplainit,theexplanationissoprotractedandwovenintodiscussionsbetweenvariousbrainiacsthatIlostthewilllongbeforeIfullyunderstoodwhatwasgoingon.NotformeI'mafraid,Igaveuponthisone.
Igavethisadecentgo-about25%ofit-butIjustcouldn'tgetpastthefactit'sjustwaytooslowandmuchtooboring.It'salsoverytechnical,intermsofexplaininghowhigh-frequencytradingintheUSequitymarketwasrigged.Andthoughtheauthortakestimetotrytoexplainit,theexplanationissoprotractedandwovenintodiscussionsbetweenvariousbrainiacsthatIlostthewilllongbeforeIfullyunderstoodwhatwasgoingon.NotformeI'mafraid,Igaveuponthisone.
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Apr07,2014
MalWarwick
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BestsellingBerkeleyauthorMichaelLewishasbeenspendingalotoftimeintheEastlately.Afterresearchingandwritinghisblockbusterfifteenthnonfictionbook,FlashBoys,currentlythecountry’s#1bestseller,he’snowjugglinginterviewsandappearancestriggeredbythefallout.Ican’trecallanybookthathaseverbeforestrucksuchfearintothedenizensofWallStreet.FlashBoystellsthetaleofthearcaneandlong-secretphenomenonknownashigh-frequencytrading(HFT).Thebook
BestsellingBerkeleyauthorMichaelLewishasbeenspendingalotoftimeintheEastlately.Afterresearchingandwritinghisblockbusterfifteenthnonfictionbook,FlashBoys,currentlythecountry’s#1bestseller,he’snowjugglinginterviewsandappearancestriggeredbythefallout.Ican’trecallanybookthathaseverbeforestrucksuchfearintothedenizensofWallStreet.FlashBoystellsthetaleofthearcaneandlong-secretphenomenonknownashigh-frequencytrading(HFT).Thebookreadslikeathriller,showcasingtheauthor’slegendarywritingtalent.Likethebestfiction,it’scenteredonpeople,notabstractprocessesorinstitutions,andtheprosesings.AsLewisdiscovered,HFTisoneofthewaysthatWallStreetcheatsinvestors—andnotjustsmall-timeinvestorslikeyouandme,butalsotheelitefolkswhomanagemulti-billion-dollarpensionfundsandmutualfunds(andthus,indirectly,usaswell).Initially,thepracticewaslimitedtoahandfuloftradersworkinginsmall,independentshops,manyofthemRussianimmigrantswithadvanceddegreesinmathorscience.However,inthecourseofLewis’explorationofthiscomplexandclevertechniquetogamethesystem,helearnedthatmanyofthebigWallStreetbanksboughtintotheprocessaswellandgainedenormousprofitsasaresult.Alltogether,Lewisassets,HFThasrobbedtheinvestingpublicofbillionsofdollars.HFTisnomorethanacomputer-ageversionofthewayPaulJuliusReutermadehisnameacenturyandahalfagobyusingtelegramsandcarrierpigeonstogetthenewstotheLondonStockExchangefasterthananyoneelse.(Theresult,ofcourse,wastheReutersagency,nowThomson-ReutersCorporation.)Byusingobscuretechniquestolearntheintentionsofunsuspectinginvestorsmillisecondsaheadofeveryoneelse,HFTtradersmovethemarketupordownalmostinstantaneously,buyingtheinvestors’stockatlowerpricesorsellingtothemathigherones.LewisreferstooneHFTcompanythatoperatedforfiveyearswithoutlosingmoneyonanyday.(AnHFTfirmdoesn’tinvest;itonlytrades,endingeachdaywithnostockinitsname.)Lewis’heroisabrilliantyoungCanadiannamedBradKatsuyama,whoformanyyearswasheadofelectronictradingatthelittle-knownRoyalBankofCanadaofficeonWallStreet,earning$2millionayear.In2008,Katsuyamadiscoveredthatthequotesonhistickertapedidn’treflecttherealityofthemarket,andhesetouttolearnwhy.Overthecourseoftwoyears,byhiringdisgruntledveteransofHFTandgrillingthemendlessly,hecametoseebetterthananyoneelsehowthecontemporarystockmarketreallyworks—andhedidn’tlikewhathesaw.Notatall.HFTwasn’t“nice.”HewasaCanadian,afterall.Ultimately,theresultofKatsuyama’sinvestigationwasanewstockexchangeheandhiscolleaguesdesignedexpresslytofrustrateHFTtradersandassureinvestorsoffairtreatment.It’scalledIEX(“Amarketthatworksforinvestors”).Investinginthestockmarketusedtobesimpleandstraightforward.Thereweretwostockexchanges—theNewYork(NYSE)andtheAmerican—andthe“over-the-counter”marketthatultimatelymorphedintoNASDAQ.Pricesonthesemarketswerepubliclyreportedthroughwhatwasliterallyatickertape,onlylatertransformedintoanelectronicribbonatthebottomofcomputerorTVscreens.(Forpennystocks,whichwerethinlytraded,youcouldturntothe“pinksheets”tofindthecurrent“bid”and“ask”prices.Havingnotedthepricereportedforacompanyyouwantedtoinvestin(orselloutof),youcalledabrokerandgaveinstructionstobuyorsellthatparticularstock“atthemarket”orataspecifiedprice(or,occasionally,underspecificconditions).Yourorderwentthrough,oritdidn’t,buttherewasneveranyquestionthatifithadbeenexecuted,thepricewasthebestavailable.Theruleswereclear.So,howdidwegettothepointtodaythattherearethirteenpublicstockexchangesintheUSandasmanyas58privateones,nearlyallofwhicharevulnerabletothepredationsofHFTtraders?BlametheSEC.AsBradKatsuyamalearnedearlyinhisinvestigation,awell-intendedregulation(“RegNMS”)implementedbytheSecuritiesandExchangeCommissionin2007wasconceivedtoensurethatanyinvestorwouldindeedreceivetheverybestpriceinthemarketwhenbuyingorsellingstock.ForreasonsLewisexplainsbutweretoobizarreformetoretaininmemory,RegNMSinadvertentlycausedanexplosioninthenumberofexchanges.Asthatnumbergrew,sodidawiderangeofopportunitiesfornimbletradersusingsuper-fastcomputersandultra-fastfiberopticcablestogamethesystem.TodaythebusinesspagesandthebusinesstalkshowsarefullofrhetoricaboutHFT.Undoubtedly,therewillbeCongressionalhearingsbeforetheclamordiesdown.We’llhearalotofnoise.However,asbestIcantell,it’snotHFTalone,that’stheproblem.Reportedly,theprofitsoftheHFTfirmshavebeenfallingsharplyinthelastfewyearsascompetitionamongthemhasmounted.Therewerereportsasearlyas2011thatthemarketwas“over-saturated.”EvenifHFTisbanned,asIbelieveitmustbe,theproliferationofstockexchangescouldremainlargelyunaffected.(Somemaybeforcedoutofbusiness,becausehugeproportionsoftheirtradingvolume,andthustheirrevenue,comesfromHFT.)Tomymind,anequallyperniciousresultofRegNMSwasthegrowthof“darkpools”—theprivateexchangeshousedwithinWallStreet’sbigbanks.Darkpools,itappears,arealatter-daytechniqueforthebankstomakegreaterprofitsattheexpenseoftheircustomers.Inotherwords,thebiggestproblemsMichaelLewisbringstolightwastheresultofdecisionsmade—again—bytheseniorleadershipofthebanksthatare“toobigtofail”—notbyahandfulofamoralHFTtradersonthemarginsofthemarket.(No,theydidn’tlearnathingfromthedisasterof2008.)
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Apr13,2014
Dianne
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Reallywell-donenon-fictionthatreadslikeafictionalthriller.MichaelLewishumanizeshisexposeofhigh-frequencytradingandthestateoftheU.S.stockmarketbyfocusingonafewkeycharactersandtheirstories.Thereisalotoffinancialinformationtograsphere,butLewisisanabsolutemasteratsensibleanalogiesthattransformextremelycomplextransactionsintoonesthatareeasytocomprehend.Verydishearteningononehand-humannatureatitsworst-andatthesametimeupl
Reallywell-donenon-fictionthatreadslikeafictionalthriller.MichaelLewishumanizeshisexposeofhigh-frequencytradingandthestateoftheU.S.stockmarketbyfocusingonafewkeycharactersandtheirstories.Thereisalotoffinancialinformationtograsphere,butLewisisanabsolutemasteratsensibleanalogiesthattransformextremelycomplextransactionsintoonesthatareeasytocomprehend.Verydishearteningononehand-humannatureatitsworst-andatthesametimeuplifting-therearestillgoodguysouttherelookingoutforus.Highlyrecommendedreading-I'llbetmostpeoplearen'tawareofwhatisgoingoninourmarketsandhowscaryitis.Onetinyfootnoteonpage164thatcrackedmeup-whenthe"hero"ofthisbook,BradKatsuyama,createsanewtradingexchangededicatedtoinstitutionalizingfairnessinthemarkets,henamesittheInvestor'sExchange,whichwasshortenedtoIEX.Theowners,"intheinterestofclarity,hadhopedtopreservethefullnamebuttheydiscoveredaproblemdoingsowhentheysetouttocreateaninternetaddress:investorsexchange.com.Toavoidthatconfusion,theycreatedanother."(quotedverbatimfromthebook).Youcan'tmakethisstuffup.
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Robert
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Excellent.Readslikeanovelbutisallreal.Thereisalotofdetailandalotofcharacters.IhavenotreadanyotherbookfromMichaelLewisbutifthisishisstyleitisworthrecommending.Itsamazinghoweverythingcolludeandhowthesmalldon'tstandachance.Youcannotarguethatalongsidepoliticians,bankersandmoneybrokerseverywhere(notjustwallstreet)areinthisworldforthemselves(withfewexceptions)nomatterwhat,butIguessthatisnothingnew.
Excellent.Readslikeanovelbutisallreal.Thereisalotofdetailandalotofcharacters.IhavenotreadanyotherbookfromMichaelLewisbutifthisishisstyleitisworthrecommending.Itsamazinghoweverythingcolludeandhowthesmalldon'tstandachance.Youcannotarguethatalongsidepoliticians,bankersandmoneybrokerseverywhere(notjustwallstreet)areinthisworldforthemselves(withfewexceptions)nomatterwhat,butIguessthatisnothingnew.
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ScottRhee
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IstheresuchathingasanhonestmanonWallStreet?Insofarasgreedandself-interestisapartofhumannatureandsomethingthatweallsuccumbtofromtimetotime,MichaelLewis,inhisbook“FlashBoys:AWallStreetRevolt”,seemstothinkthattheansweris“yes”.InhislatestcritiqueonWallStreetculture,Lewishighlightsthealmost-accidentalheroismofahandfulofWallStreetinsiderswhouncoveraninsidiousnewtrendinWallStreetthatmakesiteasierforbankstosteallots
IstheresuchathingasanhonestmanonWallStreet?Insofarasgreedandself-interestisapartofhumannatureandsomethingthatweallsuccumbtofromtimetotime,MichaelLewis,inhisbook“FlashBoys:AWallStreetRevolt”,seemstothinkthattheansweris“yes”.InhislatestcritiqueonWallStreetculture,Lewishighlightsthealmost-accidentalheroismofahandfulofWallStreetinsiderswhouncoveraninsidiousnewtrendinWallStreetthatmakesiteasierforbankstosteallotsofmoneyfromeverydayinvestors---namely,peoplelikeus,anyonewhohaspensionplansor401KsorIRAs.Isay“almost-accidental”becausetheheroesin“FlashBoys”neversetouttobeheroes,norwouldtheyprobablyconsiderthemselvesheroes.Theyarejustguyswhonoticedthatthelittleguysweregettingscrewedbythebigguys,andtheydecidedtodosomethingaboutit.Ifanything,“FlashBoys”isaboutrefusingtostaysilentinthefaceofbullying.Inoneway,“FlashBoys”canbeviewedasasemi-sequelto“TheBigShort”,Lewis’sdetailedexaminationofthe2008financialcrisis,anexaminationthatuncoveredrampantuncheckedgreedandcorruptionatnearlyeveryleveloftheUnitedStatesfinancialsystem,frominvestorstobrokerstobankpresidentstoCEOstopoliticians.“FlashBoys”takesplaceseveralyearsaftertheeventsofthe’08crisis.Thingshaven’tchangedmuch.Infact,thingsarejustasbad,ifnotworse,onWallStreetthantheywerepriorto2008;onlynow,technologicaladvanceshavemadeiteasier,andfaster,toscrewoverpeople.TheprimaryfigureattheheartofthisdramaisBradKatsuyama,amild-manneredJapanese-CanadianwhoworksfortheRoyalBankofCanada,oneoftheoldestandmostprestigiousbanksinCanada.Consideredbyhisco-workerstobeanupstanding,likableandhonestworker,Bradwasn’tsomeonewholikedtocreateordealwithconflictverymuch.Hejustlikedhisjobandthefactthathecouldcreateanesteggforhisfamily,andhedidn’twanttohurtanybodyintheprocess.Hewasn’twhatonewouldcallaboat-rocker,intheleast.So,whenRBCtransferredhimtoNewYorkCity,toworkonWallStreet,atthetenderageof24,Bradfeltlikeasmallfishinaveryhugeshark-infestedpond.Tosaythathequicklygoteducatedisanunderstatement.Bradlearnedtheinsandouts,thegood/bad/anduglyofWallStreet.TakinghisknowledgebacktoCanadawithhim,BradbecameatraderforRBC,brokeringbigmoneydealsonadailybasis.Ontopofthat,healsoearnedareputationforbeingastraightshooter,partlyduetodecentupbringingbutalsopartlyduetoaparticularCanadianquirkofhonesty:“Thebestwaytomanagepeople,hethought,wastoconvincethemthatyouweregoodfortheircareers.Hefurtherbelievedthattheonlywaytogetpeopletobelievethatyouweregoodfortheircareerswasactuallytobegoodfortheircareers.Thesethoughtscamenaturallytohim:Theyjustseemedobvious.(p.27)”So,whenBradstartednoticingthatwheneverhetriedtobuyandsellshares,themarketseemedtoreactinawaythatinvariablymadehimlosemoney,almostasifthemarketwasanticipatinghisactionsandquicklychanginginawaythatguaranteedalossforhim.Atfirst,theITguyswerecalledin,thinkingthatitwasacomputerglitchoraproblemwiththesoftware.Theycouldn’tfigureitout.So,Bradstartedresearchingtheproblemhimself,whichwasespeciallyhardsincehehadnocomputerortechnologytraining.Whatheeventuallydiscoveredwaswhatiscurrentlyreferredtoashigh-frequencytrading(HFT),anewup-and-comingWallStreettechnologythatenabledaveryselectfewwhopossessedittogainanunfairadvantageoverthosewhodidn’thavethetechnology.Iwon’tpretendtocompletelyunderstandthetechnicalstuff(Lewisdoesadecentenoughjobexplainingitallinlayman’sterms,althoughoneprobablyneedsadegreeincomputersciencetofullyunderstandit),althoughitessentiallydealswiththeuseoffiber-opticcablesthatgiveHFTtradersajumpofmeremillisecondsandnanosecondsonbig-moneytrades.Onewouldn’tthinkthatmillisecondswouldmattermuch,butinthehigh-frequencytradingworld,theymattergreatly.There’salsothesethingscalled“darkpools”,which---ifIunderstanditcorrectly---aresecretundergroundmarketsthatmayverywellberulingWallStreet.I’mnotsureexactly,buttheysoundlikethe“shadowgovernment”equivalenttoWallStreet.Prettycreepy,scarystuff.Noonereallyknowsmuchbecausetheirveryexistenceiswell-guarded,andtheyareimpenetrable.Anyway,Bradranwiththisnewknowledgeandessentiallyformedan“A-Team”ofmostlycomputergeeksandWallStreetoutlierstofigureouthowtocircumventHFTandgiveinvestorsanequalfootinginthemarket.ThereresultwascalledThor,atoolthatbasically“sloweddown”HFTlongenoughfornormaltraderstohaveachanceinthemarket.BradeventuallystartedanewcompanycalledIEX,whichcreatedadarkpoolofhisown.Ofcourse,unlikeotherdarkpools,whichareevil,Brad’sdarkpoolwascreatedonlyforgood.Seriously,though,IEX’ssellingpointwasthatitwasbasicallymeanttocreatealevelplayingfieldforalltraderssonotraderswouldhaveanunfairadvantageoverothers.Sinceitsinceptionin2012,IEXhasbecomeextremelysuccessful,especiallyamongthe“old”bankslikeGoldmanSachs,whoneverreallyhadachanceagainsttheHFT.“FlashBoys”is,like“TheBigShort”,rivetingandintense.Itreadslikeatechno-thriller,madeallthemorecrazybythefactthatitisnonfiction.Lewishasalreadybecomeoneofmynewfavoritenonfictionauthors.Iliterallycan’tgetenoughofhisstuff...
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Apr04,2014
JohnStein
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LoveMichaelLewisandhisnarrativestyle,butthinkthehyperboleandindignationhavegonealittleoverboardhere.IamnofanofHFTandtheyaredefinitelyathorninmyprofessionalside,buttheHFTproblemisjustnoise.Theheros/victimsinthebookaremostlyfirmsthatusedtotake4-6centspershareascommissions,andmakeevenmoreforpositioningtrades,whonowtake1-2centspershareandmaybegiveuphalfacenttotheHFTshops.Theargumentgoessomethinglike"itisn'tfa
LoveMichaelLewisandhisnarrativestyle,butthinkthehyperboleandindignationhavegonealittleoverboardhere.IamnofanofHFTandtheyaredefinitelyathorninmyprofessionalside,buttheHFTproblemisjustnoise.Theheros/victimsinthebookaremostlyfirmsthatusedtotake4-6centspershareascommissions,andmakeevenmoreforpositioningtrades,whonowtake1-2centspershareandmaybegiveuphalfacenttotheHFTshops.Theargumentgoessomethinglike"itisn'tfairthatabunchofanonymousbrokersaregamingthesystemandnotlettingRBCgougemyclientasmuchasIusedto".Looktradingisn't"free",butitisalotcheaperthanitusedtobe.Despitewhattechno-utopianssaythereisstillfrictioncostsandalwayswillbe.Itisalotcheaperthanitusedtobe.Thatsaid,forretailINVESTORStransactioncostsofbuying,holding,andoccasionallytradingUSstocks,costhaveneverbeenlowerandthemarkethasneverbeenfairer.Peoplewhothinktheycanmakemoneyactivelytradingandmostlydeludingthemselves.ItwouldbeniceifwallstreetfirmsandbrokersweremorehonestwiththeirclientsabouttherebatesandrealtradingcostsbutasAdamSmithsaid"Itisnotfromthebenevolenceofthebutcher,thebrewer,orthebakerthatweexpectourdinner,butfromtheirregardtotheirowninterest"
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Apr13,2014
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Wow!Fantastic!Ilovedit!Entertaining.IthasaguyBradwhoismyhero.ItreadslikeaJohnGrishamnovel,butit’satruestoryaboutstockexchanges,highfrequencytraders,anddarkpools.Theauthorisgreatatexplainingcomplicatedtechnicalsubjectsandtellingagoodstoryaroundthem.InthemiddleofthebookIwassoangryattherip-offofinvestors,Iwasthinkingofwritingletters.Butbytheendofthebook,Ididn’thaveto.Somegoodthingshappened.Andnow,variousgovern
Wow!Fantastic!Ilovedit!Entertaining.IthasaguyBradwhoismyhero.ItreadslikeaJohnGrishamnovel,butit’satruestoryaboutstockexchanges,highfrequencytraders,anddarkpools.Theauthorisgreatatexplainingcomplicatedtechnicalsubjectsandtellingagoodstoryaroundthem.InthemiddleofthebookIwassoangryattherip-offofinvestors,Iwasthinkingofwritingletters.Butbytheendofthebook,Ididn’thaveto.Somegoodthingshappened.Andnow,variousgovernmentagenciesareinvestigatingtheproblemsdescribedinthebook-SEC,FBI,CFTC,FINRA,NYattorneygeneral,andUSattorneygeneral.TheaudiobooknarratorDylanBakerwasexcellent.DATA:Narrativemode:3rdperson.Swearinglanguage:strong,butnotoftenused.Sexualcontent:none.Setting:2002-2013U.S.Bookcopyright:2014.Genre:financialnonfiction.
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Fascinating,terrifyingaccountofhowtheequitiesmarketshavebeensystematicallyunderminedinthelast7years.Essentialreadingtounderstandthestateofthepublicmarketstoday.
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IfoundthisincrediblyreadableforabooksetintheWallStreetandhavingtodowithhighfrequencytrading.IreaditaspartofmyGoodReadsChallenge:https://www.goodreads.com/user_challe...IfoundthisbookasachoiceintheKindleUnlimitedlibrarysoIdecidedtotryit.Theauthornotonlymakesthingsclearandreadable,buthealsomakespeoplethatIwouldn'tnormallyfindsympatheticandlikableexactlythat.Iwasflabbergastedthatthereareethicalandopenandtransparentp
IfoundthisincrediblyreadableforabooksetintheWallStreetandhavingtodowithhighfrequencytrading.IreaditaspartofmyGoodReadsChallenge:https://www.goodreads.com/user_challe...IfoundthisbookasachoiceintheKindleUnlimitedlibrarysoIdecidedtotryit.Theauthornotonlymakesthingsclearandreadable,buthealsomakespeoplethatIwouldn'tnormallyfindsympatheticandlikableexactlythat.IwasflabbergastedthatthereareethicalandopenandtransparentpeopleworkinginWallStreet.BradKatsuyamaisasmartandadmirableman.Iwaspleasantlysurprisedbythisbookandwouldrecommendittoothers.
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Dianne
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MichaelLewishasgottentotheabsolutecoreofhowthestockmarketworks,tothenitty-grittyofthelittleblackboxesthatmaketheflashingconnections,totheadvantagesanddisadvantagesoffibreopticovermicrowavesignals.ThemechanicsofthestockmarketareexplainedindepthinthisstudyoftheAmericanstockmarket.Liars'Pokerwrittenin1989wasagoodleaduptoFlashBoys.Lewishasworkedasabrokerandhasshonelightonthedealingswhichthebrokeragefirmsandthebig
MichaelLewishasgottentotheabsolutecoreofhowthestockmarketworks,tothenitty-grittyofthelittleblackboxesthatmaketheflashingconnections,totheadvantagesanddisadvantagesoffibreopticovermicrowavesignals.ThemechanicsofthestockmarketareexplainedindepthinthisstudyoftheAmericanstockmarket.Liars'Pokerwrittenin1989wasagoodleaduptoFlashBoys.LewishasworkedasabrokerandhasshonelightonthedealingswhichthebrokeragefirmsandthebigWallStreetbankskeephiddenfrominvestors.Flashboys,high-frequencytraders,needthespeedofasignalfasterthanlight.Thereareamillionmicrosecondsinasecond.Thespeedoftheinformationmeasuredinfractionsofmillisecondsmakesadifferenceinwhogetsthestockofferfirst.Themajorityofthehighfrequencytradersdonotunderstandthetechnologyoffibre-optics,onlythattheymusthaveitandhereiswhereVladimirandtheotherRussiansstepin.Thecodewrittenfortheinstructionsofmovingthetrades/informationthroughtheglassfibre-opticcablesandboxeswasbeingwrittenmainlybyRussians.TheylaughedattheWallStreettraders'ignoranceinMath.ItwasbrokersfromtheRoyalBankofCanadawhoexplainedtoheadsofthebigAmericanbankswhatwasgoingonintheHFcircleoftraders.ParticularlyinterestingintheuncoveringofthesystembeingusedwasthegroupnicknamedthePuzzleMasters:thesepeoplewerehiredtofindouthowthehigh-frequencytradershadconfiguredtheirsystemstodeceive,redirectandexploitlegitimateinvestors.LewisreferstotheHFtradersaspredatorswhousesmallblocksof100sharestobaittheirprey.IlikeanotheranalogyLewisdraws,thatoftradingtoplayingpoker.Theseguysareintobigstakesgamblingwithhugeamountsofmoney.Lewishasdescribeda“corruptandsinistersystem,asystemwithoutmoralswherethecustomers,theinvestorsareunawareofthewaysinwhichtheyhavebeenabused.”Thishighfrequencyspeculativewayofoperatingisliterallyrobbingpensionfunds;italsocanresultinacrashasitdidin2008.MuchofthebookrelatestothedevelopmentoftheIEXexchange,whosehonourablegoalwastoshowinvestorshowtheirtradesweretransactedbybeingtransparent.BradKatsuyama,thedirector,thoughtsomeoftheother44stockmarketswouldfollowsuitanddesignaclearerviewoftheirsystems.Notso,theywishedtokeeptheirinvestorsinthedark.ThebigbanksalsoshunnedthisnewexchangeandforbidtheirmanagementfromtradingwithIEXtherebyattemptingtostarvethemoutofthemarketaltogether.Meanwhiletheother44stockexchangesfoundwaysto"cooktheirownflatteringstatistics.It'sanentireindustrythatoverglorifiesdata,becausedataissoeasytogame,andthetruedataissohardtoobtain."MichaelLewis'sbooksareobservationsmadebyaverywiseman,wellworththetimespentinreadingthem."Thesystemhasletdowntheinvestor.It'sshockingtoseehowthebanksarecolludingagainstus."Itseemstomethatmuchofthetrickerythatoccurredwashappeningbecausethejusticesystemknewverylittleaboutcomputerprogramming.SurelythingshavechangedinpartduetotheinvestigationdonebyMichaelLewisinresearchingforhisbookFlashBoys.ThisinvestigationeveninvolvedamountainbikingadventureintheAppalachians,climbingoverafencewithawarningsignpostedonitandclimbingupatallmicrowavetower.Mr.Lewis'sexplorationsintotheschemeshiddenwithintheworldoftradinghavebroughtsomemuchneededtransparency.
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WHATISITABOUT?“FlashBoys:AWallStreetRevolt”byMichaelLewisisbothaninfuriatingandupliftingtruestoryabouttheU.S.stockmarketcorruptioninthetwenty-firstcenturyandahandfulofextraordinaryindividualswho,insteadofbenefitingfromtheriggedsystemlikeeveryoneelseontheWallStreet,arewillingtogotowartofixit.InspiredbyanobscuretrialofRussiancomputerprogrammerSergeyAleynikovwhoworkedforGoldmanSachs,Lewisinvestigatestheshadiestcornerso
WHATISITABOUT?“FlashBoys:AWallStreetRevolt”byMichaelLewisisbothaninfuriatingandupliftingtruestoryabouttheU.S.stockmarketcorruptioninthetwenty-firstcenturyandahandfulofextraordinaryindividualswho,insteadofbenefitingfromtheriggedsystemlikeeveryoneelseontheWallStreet,arewillingtogotowartofixit.InspiredbyanobscuretrialofRussiancomputerprogrammerSergeyAleynikovwhoworkedforGoldmanSachs,LewisinvestigatestheshadiestcornersoftheU.S.financialworld-asecretfiber-opticcableroute,high-frequencytrading,front-runninganddarkpools-allthewhileweavinganinspiringtaleofbrilliance,dedicationandmorality.THUMBSUP:1)Illuminating.Theimportanceofthe“FlashBoys”cannotbeemphasizedenoughasLewisshedssomelightontheissuesoftheU.S.financialworldthatareaffectingmillionsofpeoplebuthavebeenknownandunderstoodbyonlyafew.Whatismore,theauthornotonlypointsouttheproblemandtheculpritbuthealsooffersaneffectivesolutionandaglimpsetoapromisingfuture.2)Well-explained.Conceptsdiscussedinthe“FlashBoys”aretechnicalandquitecomplex;however,Lewisexplainsmostofthethingsveryclearlyandusesalotofillustrativeexamplessothateventhereaderswithoutanypreviousknowledgeoforinterestinthestockmarket(yup,that’sme!)canunderstandandappreciatethebook.3)Compelling.Whowouldhavethoughtthatabusinessbookcanalsobequiteentertainingandfullofcolorfulcharacters?Theprotagonistsin“FlashBoys”arenothingshortoftheAvengers:eachofthemisageniusinhisownwayandalltogethertheymakeoneheckofateam.ThankstoLewis’sskillfulnarration,thecharactersseemgenuineandeasilyrelatable,andtheirstoriesarepersonalandveryengaging(IespeciallylovedthechaptersonAleynikov).COULDBEBETTER:1)Toolong.Although“FlashBoys”isanengagingreadanditsmessageisextremelyimportant,itclearlyhastoomanypagesasthesecondhalfofthebookisalittlebitrepetitiveandthestorystartstodrag.2)Complicated.SometimesIwouldbeconfidentthatIgottheconceptright,andthenacoupleofpageslatertheauthorwouldusedifferentwordstodescribethesamethingthrowingmeoffcompletely.Admittedly,thesubjectiscomplex;thus,reading“FlashBoys”requiresyourfullattentiontokeepallthefactsstraight.3)Disappointingepilogue.It’sashametoendsuchanimportantstorywithsuchaweakandvagueepilogue.Itisneitherasatisfyingsummarynoraclearfuturedirection;it’snotevenaworthychapteronitsown,letaloneaproperendingofthebook.Ifyouhaveachance,read“FlashBoys”inapaperbackbecausethepaperbackedition,unlikethehardcover,hasaGREATafterwordthatshowstheimpactthisbookhadafteritspublication.Honestly,theafterwordmakesthewholebookbetter.VERDICT:3.5outof5“FlashBoys:AWallStreetRevolt”byMichaelLewisisagame-changingbusinessbookcontainingengagingstoriesandcompellingcharacters.Despitethecomplexityofthesubject,mostoftheconceptsarewell-explained(thoughitcouldhavebeendoneinlesspages)andthenewafterwordinthepaperbackeditionmorethanmakesupforthevagueandunsatisfyingepilogue.
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cory
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whilethiswasaninterestingandwell-writtenread,itseemstobeseverelylackinginevidenceandmoreakintoanattempttoshiftpublicopinionforthebenefitofcertaininterestedparties.thestartingpremiseisthatbradthinkshftisbad,andfromthereit'sjustassertionsandstatementslike"see,wefoundoutthisorthatkindofthingishappening,itoldyouhftisbad"withoutreallyexplainingwhatisbad.seemslikeathinlyveiledadtodrumupbusinessonthe"fair"exchange.
whilethiswasaninterestingandwell-writtenread,itseemstobeseverelylackinginevidenceandmoreakintoanattempttoshiftpublicopinionforthebenefitofcertaininterestedparties.thestartingpremiseisthatbradthinkshftisbad,andfromthereit'sjustassertionsandstatementslike"see,wefoundoutthisorthatkindofthingishappening,itoldyouhftisbad"withoutreallyexplainingwhatisbad.seemslikeathinlyveiledadtodrumupbusinessonthe"fair"exchange.theproblemstatementofthisbookmightaswellbe"peoplewhoareinbusinessdostufftomakemoneyandthatisevil."tradeonmy"fair"exchangeinstead,wherei'llalso...makelotsofmoney
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Oh,MichaelLewis,thankyouforchurningoutbookafterbookofrespectablepornographyforfrustratedmiddle-agedwhitecollargeekslikeme.It'squiteatrickyoudo:introduceustoawell-educated,likablebutsomewhatorneryfreethinkerwhowindsupfollowingahunchafternoticingsomethingthatdoesn'tquitemakesense.Thenthishunchleadsourfreethinkertoassembleateamofstillmorewell-educated,likablebutsomewhatorneryfreethinkers--ateamthatlaysbareeither(1)ahidden
Oh,MichaelLewis,thankyouforchurningoutbookafterbookofrespectablepornographyforfrustratedmiddle-agedwhitecollargeekslikeme.It'squiteatrickyoudo:introduceustoawell-educated,likablebutsomewhatorneryfreethinkerwhowindsupfollowingahunchafternoticingsomethingthatdoesn'tquitemakesense.Thenthishunchleadsourfreethinkertoassembleateamofstillmorewell-educated,likablebutsomewhatorneryfreethinkers--ateamthatlaysbareeither(1)ahiddensemi-sinisterarrayofforceslurkinginsomecomplexsystemlikethefinancialmarketor(2)thefollyofsomemassdelusionthatnoonebotherstoquestionorisincentivizedtoquestion.And,finally,overthecourseofthisjourneyofdiscoveryandfreethinkingtheteamanditsleader/herobecomenotonlyfinanciallysuccessful,buttheygaintheadmirationoftheirpeers.Oratleasttheadmirationoftheauthor,whichisamilliontimesbetter.Thesebookshitthespotsowell,thoughtheyaredangeroustolistentowhiledrivingonRoute17toSantaCruzbecausemyeyeskeptrollingbackinecstasy,whichwouldcausemealmosttocrashintoaredwoodtreeonmywaytowork.EventhoughFlashBoysfeelsatadrushedoutthedoor,asifanothergo-aroundwithacopyeditorwouldhavetightenthingsupabit,MichaelLewishasreallyperfectedthewhitecollarporngenrewiththisone.InthiscaseourheroisBradKatsuyama,aperfectlyniceandperfectlyCanadianguy,whonoticesaglitchwhiletryingtobuylargeamountsofstockforhiscorporateoverlords.Atfirstheassumesit'sasoftwarebug,butlikesomeCanadian-Asianwhite-collarEncyclopediaBrownheeventuallysleuthsoutamulti-billiondollarfrontrunningoperationknownashighfrequencytrading,whichaccountsforoverhalfofthestocktradesintheUSmarket.It'ssortoflikenoticingthatyourmailtakesafewextrahourstoarriveonedayandthendiscoveringtheexistenceofanentiresecretpostalsystem(alaTheCryingofLot49).Wethengetintroducedtotheragtagteamheassembles:puzzlesolvingchampions,taciturnAfghanistanveteranprogrammingwhizzes,borderlineobsessiveproductmanagers,assortedfinancialtypes,and(mostimportantly)anIrishnetworkinggenius.Waybackinthelate90’sIworkedforacompanythathelpedbuildsomeoftheearlyInternetcontentdistributionnetworks,soI’mfamiliarwiththeearlyversionsofthenetworksthattheseHFTguysarefightingover.ThisiswhereIlearnedthatagoodnetworkingguyisworthhisweightingold.Youjustsortofgivethemwhatevertheywant,don’tasktoomanyquestions,andletthemwaddleoffanddotheirthing.OncethenetworkingguygetsinvolvedBradandcompanyreallystarttounderstandwhymicrosecondsandafewthousandfeetoffiberopticcablemakeaworldofdifferencetothefinancialguysandtheirtrades.Thenetworkthepartofthesystemsoobviousthatyoudon’teventhinkaboutitbetweenyourE-tradeaccountandthebalkanizedtradingexchangesanddarkpoolsspreadalloverNewJerseyandNewYork.SoitturnsoutthatthefinancialsystemofthepastdecadeorsobasicallyhasbeentheplotofSuperman3.Youknow,theonewhereRichardPryorfiguresoutawaytodivertallthefractionsofapennyintohisbankaccountinordertobecomeabillionaire.It’slikethatinthesensethattheHFTguysaregettingasmallpieceofeachtransactioninawaythataddsup.Butit’salsolikethebeginningofTimeCopwherethatguygoesbackintimeduringtheCrashof1929tobuyupabunchofstocksuntilVanDammethrowshimoutthewindow.Byputtingyourcomputersclosertotheexchangesthananyoneelseandmakingcomplicatedordersdesignedtoextractinformationabouttrades(whiletakingnorisk),youareessentiallygoingbackintimeandmakingriskfreestocktradesliketheguyinTimeCop.Thesefirmsareverysecretive,butMr.Lewistellsusthatoveryearsandyearsofdoingbusiness,HFTfirmshavelostmoneyonlyahandfulofdays,andactuallyonmostdaystheyendupwithnopositioninthestockmarketatall.Itsortofbogglesmymind.Theonlyrealsystemicriskthattheytake(andweirdlythisisn'texplaineduntiltheepilogue)isexposuretothewholemarketgoingdownatonce.AndthatcaneasilybeavoidedbyhavingthefastestconnectiontothefuturesmarketsinChicago.That’swhythewholefirstsectionofthebookisaboutSpreadNetworks,Iguess.(Again,onemorepassbyaneditorwouldhavereallyhelpedthisbook.)Butnowhereiswherethepost-coitalhazeclearsandIstarttoquestionthings.IhaveabitoftroubleseeingBradandco.asunderdogs.Theyseemniceenough,andIwouldcertainlylovetohangoutwiththemandworkinanofficewiththem.Theyaremakingmillionsofdollarsayear,whichIdon’tbegrudgethematall,butthatsortofdisqualifiesanyunderdogstatusrightthere.Andwhentheyquittostarttheirownexchange,that’snottoounusualouthereintheValley,soIhaveahardtimeseeingmuchdramainthat.Goingaroundandgettingfundingandself-capitalizingisapain,butaccordingtomyTwitterfeedit’swhatallthecoolkidsaredoingthesedays.AndwhileIgetthatalotofpeoplearegettingrippedoffbyHFT,Idon’treallyfeellikeIamallthatmuch.Ibuyandholdforlongperiodsoftimeinstockfunds.Iguessthosefundshavetotrade,buttheyholdforalongtimetoo.It’saverysmalldrag.It’sreallythestupidfundsthatchurnalotthataregettinghit,buttheychargesuchhighloadsanywaythattheyarealreadyaripoff.Daytradersaregettingrippedofftoo,buttheyaresostupidthattogetrippedoffonlyafewcentswouldbeablessingforthem.HoweverIadmireBradforpointinghisbusinessplanrightattheheartoftheHFT“industry”ifyoucanevencallitthat.HFTisripefor“disruption”aswesayouthere,consideringthattheyaddnovalueand(fromwhatIcantellasanon-expert)itisbarelylegalfrontrunningofstocktrades.Let’sputthisway:GoldmanSachsdecidedthatitwastoounsavorytogetintothisbusiness.IguesswhatI’msayingisI’dratherthisbooktoldthestoryfromtheangleofareallyreallyinterestingbusinesscasestudywithlotsofcoolfinancialsidebarsratherthanhavingthenarrativeforcedintosomekindofDavidv.Goliathmold.ButthenagainI’mnotthebestsellingauthorwiththebookthatwasmadeintoanOscarwinningmovie...Thatremindsme.ThereisaverystupidarticleonSlatetryingtodefendHFTandcalloutBradasalackeyforbillionaires,butthatisclearlynonsense.I’mnotevengoingtotakethetimetofinditandlinktoit.It’sdefinitelyworthreadingifonlybecauseit’sbeenseveralweekssinceyou’vereadthatthefoundationsofdemocraticcapitalismiscompletelyrottentothecoreandyouneededanotherreminder.Youmightaswellbuyitandreaditbeforethenextgiantscandalorrecessionhitsandmakesyouforgetaboutthisrelativelyminorbump.Youneverknowwhenthatwillbe.Itmightbearoundthecorner.GDPalreadycontractedinQ1,youknow...
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Elaine
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Notallproblemsareequallydeservingofmoraloutrageandhighdudgeon,butitseemsthatLewisonlyknowshowtowriteatonepitchthesedays.Whatevertherightsandwrongsofhighfrequencytradingare,it'snotthemortgagemarket(whichLewistreatedintheBigShort),andit'sreallynotapopulistissue(althoughLewisdoeshisbesttowhipupafrenzyattheinjurytoMomandPop,it'sentirelyunclearthatMomandPopplayanyroleinthisstoryatall-thisisreallyastoryofban
Notallproblemsareequallydeservingofmoraloutrageandhighdudgeon,butitseemsthatLewisonlyknowshowtowriteatonepitchthesedays.Whatevertherightsandwrongsofhighfrequencytradingare,it'snotthemortgagemarket(whichLewistreatedintheBigShort),andit'sreallynotapopulistissue(althoughLewisdoeshisbesttowhipupafrenzyattheinjurytoMomandPop,it'sentirelyunclearthatMomandPopplayanyroleinthisstoryatall-thisisreallyastoryofbankeronbankerviolence,whichmightbeinterestingenoughbutdoesn'tlenditselfwelltoLewis'sbadguy/goodguyviewoftheworld).Intryingtocreateapopularstorywithwell-demarcatedheroesandvillainsintheverycomplicatedworldofHFTandalternatetradingplatforms,Lewisoversimplifiesanddolesoutwhitehatsandblackhatsquiteliberally.ItseemslikeeveryoneofLewis'heroeshadadefining9/11moment(ofcoursetheydid!),andthenbecameamaverickcrusadingforchangeonWallStreet(wherechangedoesnotmeanmarchingwithOccupy,forexample,ortakingoninequality(evernoticethattherearenowomeninLewis'books?TherearestillnotMANYwomenintheworldhewritesabout,butthereareenoughthatitisnoticeablethatnowomengetspeakingpartsinthebook-noteventhewivesofanyofhisheroes).No,changeheremeansbuildingabettertradingsystem,againportrayedaspopulistandrevolutionary,butundeniablyafor-profitenterprisefundedbybigmoneyandlookingtocompetewiththeWallStreetbigboysfortradingprofits.Ihavenoquibblewiththestory-tellingorwiththeurgetomakethedifficulttounderstandunderstandable.Ijustfindthetoneofhighmoraldudgeontiringinitsunvaryingintensity.Ialsofinditdisturbingthatthebookissoone-sided.Iunderstandthatmostemployeesofbiginstitutionsprobablycan'ttalktoLewis,butIthinkagoodinvestigativereporterwouldhavechallengedhisownsourcesabitmoreandtriedtodigalittledeeper(ratherthanbeingcontenttobesobreathlesslyinfatuatedwithhis"heroes").Andthepayoff?Well,nospoilers,butlet'ssaythatbecausethebookcatchesuptothepresentbeforethestoryreallyhastimetoplayitselfout,thereisnorealending,itjustsortoftailsoffinmediares.
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"Theonlythingnecessaryforthetriumphofevilisforgoodmentodonothing."-EdmundBurkeSothesuspicionswereright,itwouldappear.TheUSstockmarketswererigged,controlledbyaselectfewindividuals.Andifnotall,atleastsomeofthebiggestguysonWallStreetwereintheknow,activelyparticipatinginthismoney-spinningventure.Perhapsthiswholeschemewouldhavegoneonindefinitely,swindlingbig&smallinvestorsalikeofbillionsunlesssomeonestoodupforwhatwas
"Theonlythingnecessaryforthetriumphofevilisforgoodmentodonothing."-EdmundBurkeSothesuspicionswereright,itwouldappear.TheUSstockmarketswererigged,controlledbyaselectfewindividuals.Andifnotall,atleastsomeofthebiggestguysonWallStreetwereintheknow,activelyparticipatinginthismoney-spinningventure.Perhapsthiswholeschemewouldhavegoneonindefinitely,swindlingbig&smallinvestorsalikeofbillionsunlesssomeonestoodupforwhatwasright.Andthefewgoodmendid.BradKatsuyama&hismotleybunchofWallStreetmisfits-aneccentricoutfitbyallmeans-decideditwastimeforthingstosetright,togiveeveryoneafairchancetoprosperinthemarket."FlashBoys"istheirstory-notdissimilarto"Moneyball",anotherofMichaelLewis'books(aboutthebaseballteamOaklandA's)-astoryabouttakingonthebigboyswhileenforcingasystemicchangeinthewaythegameisplayed.Giventheoften-mediocrekindofbooksthatarepeddledinthenameofbeinga"bestsellingsensation"nowadays,itisdifficultnottobeskepticalwhensuchabookcomesalong.However,iftherewasabookthatdeservedthismoniker,"FlashBoys"wouldindeedbeastrongcontenderifnotaclearwinner.MichaelLewisisawonderfulstoryteller-forwhatmattersthemostinhisbooksisthestoryitself&therestisprettymuchsecondary.ForevenacommonreaderwhohasnobackgroundinunderstandingfinancialmarketswillnotlosetrackoftheengrossingtaleLewisattemptstodelineate-themotivesbehindtheactionsofeveryindividualwhoeithertriestosupportorsuppresstheinitiativebyKatsuyama&co.EventhesorrytaleoftheRussiancomputerprogrammerSergeiAleynikov,whosearrestmadeheadlinesafewyearsago(andeventuallyinspiredthewritingofthisbook),issymptomaticoftheunderlyingproblemsoftheUSfinancialframework.Eventhough"FlashBoys"isnotthekindofbookI'dusuallyread,MichaelLewis'powersofnarrationarewhatmakeitatriumph.Soevenifthebusinessbooksgenredoesn'tstrictlyfallwithintherealmofyourtastes,thisonedeservesastrongrecommendationsolelybecauseatitsveryessence,itisthegoodol'DavidversusGoliathtaleinthebackdropofWallStreet.
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Thedaysofmeninthebearpitscreamingpricesateachotherarelonggoneinthestockmarkets,nowdaysitisallcontrolledbycomputers.Thesearesovaluablethattheyarehiddenwellawayandguardedbyheavilyarmedmen,andnoteventheexpertsknowexactlywhathappensinthesedarkpools.Thosethatdoknowwon’ttelleither,astheyaremakinganabsolutefortune.Thismarket,thatwehavebeenassuredisopenandfair,isrigged.Andthekeythatunlocksthemoneychestnowisspeed.
Thedaysofmeninthebearpitscreamingpricesateachotherarelonggoneinthestockmarkets,nowdaysitisallcontrolledbycomputers.Thesearesovaluablethattheyarehiddenwellawayandguardedbyheavilyarmedmen,andnoteventheexpertsknowexactlywhathappensinthesedarkpools.Thosethatdoknowwon’ttelleither,astheyaremakinganabsolutefortune.Thismarket,thatwehavebeenassuredisopenandfair,isrigged.Andthekeythatunlocksthemoneychestnowisspeed.Thesedayswhenyouplaceandorderforsharesitistransmittedtoanexchangesoyoucancarryoutthetransactions.Whilstthisisreallyfast,thereareguyscalledhighfrequencytraderswhoseeyourorder,andwiththeirsuperfastnetworksbuythesharesfirstbeforeofferingthemtoyouforafewpenniesmore.Theyhavealmostnoriskastheyhaveaguaranteedbuyer.Allbecausetheirconnectionisthatfewsecondsfaster.Oneman,BradKatsuyama,seesthishappeninganddecidestodosomethingtotryandmakethemarketsfaironceagain.Withandeclecticbunchoffinancialoddballsandmisfits,hesetsuphisownexchange,IDX,thatisnotonlytransparent,butalsohasadeclaredsetofrules.LewiswritesaboutthefightthathewentthroughtobecomeacceptedinWallStreet,howbanksstillrefusedtotradewiththem,evenwhenexplicitlytoldtodosobytheircustomersastheycouldn’ttakeacutfromtheirhighfrequencytraders.Lewisdoeshaveawayofgettingcomplexfinancialshenanigansacross,andinthisbookhehasagoodgoatit.Butthereismassesoftechnicaljargoninhere,andthatdoesgetinthewayofthestoryofKatsuyama’sfighttohaveanopenandequalmarketonceagain.Itwasworthreadingthough,justtoseehowriggedandcorrupttheworldfinancialmarketsare.
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MichaelLewis,thebest-sellingauthorofLiar’sPoker,TheMoneyCulture,TheNewNewThing,Moneyball,TheBlindSide,Panic,HomeGame,TheBigShort,andBoomerang,amongotherworks,livesinBerkeley,California,withhiswifeandthreechildren.
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Quotesfrom快閃大對決：一場華爾街起義
“Theworldclingstoitsoldmentalpictureofthestockmarketbecauseit’scomforting;becauseit’ssohardtodrawapictureofwhathasreplacedit;andbecausethefewpeopleabletodrawitforyouhavenointerestindoingso.”
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“Whensomethingbecomesobvioustoyou,”hesaid,“youimmediatelythinksurelysomeoneelseisdoingthis.”
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下载内容包括：中文版本：《高频交易员: 华尔街的速度游戏》PDF EPUB MOBI电子书+英文原版： PDF EPUB MOBI电子书。本书繁体译名为《快閃大對決：一場華爾街起義》。
