Flash Boys by Michael Lewis

[The Kraken]

Just finished, anyone else read it yet?

It's gotten a lot press recently for basically detailing how wall street, more specifically high-frequency traders, skimmed tens of billions in profit from our accounts, how it still happens, why it's legal, the ineptitude of our government, how and why regulation led to this event and the many injustices that occurred along the way.

Anyone remember the poor Russian guy arrested years ago for "stealing" a complex algorithm that belonged to Goldman-Sachs? Ya, they fukked the poor guy. Goldman-sachs fukked him (no surprise), the FBI and justice system fukked him even harder. Now the guy is in jail for 8 years. Not gonna lie, I hope somehow, someway karma makes everything right for him in the future and flattens the FBI agent and judge, preferably 8 feet under.

Hard to have have a sour taste in your mouth after reading this one.

[floridagolfer]

Unfortunately, there will always be those on Wall Street who want eliminate risk in place of a sure thing. There are ways to eliminate this crap, but I have no faith the SEC will do much anytime soon. All these people are doing is gaming the system. If I were czar of Wall Street for a day I'd put a 95 percent tax on all profits made on purchases held less than one minute.

[opie1988]

Haven't read this one yet. I read his book "The Big Short" a few years ago, and it was awesome! He's a great writer. Makes even the most complex stories very entertaining. Hard to put his books down once you start reading them.

I'll check this out.

[Jayvegas420]

He explians how this is a product of regulation?
Or did you mean a lack of regulation?

[Boner_18]

HFT means relatively nothing to the main street buy and hold 30 year horizon investor. That said, the cost borne by the market due to HFT seems to be one that could be easily erased/regulated. That said, I applaud those that made their nut exposing this market inefficiencies, that's what its all about isn't it?

Will read the book once I can borrow it from someone. ML is a great writer, tho I fear this particular work is a little less objective than I would like.

[jjgold]

Guy just trying to sell his book

Exchanges almost perfect markets

It got torn to threads

[The Kraken]

It doesn't mean much to our IRA's but for my pension and 401K, they're stealing pennies from me! And you and everyone else. The tens of billions of dollars they're making, is coming from somewhere. Or someone would be more accurate.

Either way, it's a good book with some interesting stories of how we got to where we're at and unique perspective from front line guys.

JJ, i think his book has gotten good reviews so far.

Jayvegas, he explains how regulation had led us to this point and with each new form of regulation, comes a new legal loophole. And that's all HFT is

[The Kraken]

HFT means relatively nothing to the main street buy and hold 30 year horizon investor. That said, the cost borne by the market due to HFT seems to be one that could be easily erased/regulated. That said, I applaud those that made their nut exposing this market inefficiencies, that's what its all about isn't it?

Will read the book once I can borrow it from someone. ML is a great writer, tho I fear this particular work is a little less objective than I would like.

Interesting. I didn't really think of them as exploiting market inefficiencies as much as exploiting a loop hole that was potentially created for them in the first place. Maybe potato vs patato

[TonyTall]

Just finished, anyone else read it yet?

It's gotten a lot press recently for basically detailing how wall street, more specifically high-frequency traders, skimmed tens of billions in profit from our accounts, how it still happens, why it's legal, the ineptitude of our government, how and why regulation led to this event and the many injustices that occurred along the way.

Anyone remember the poor Russian guy arrested years ago for "stealing" a complex algorithm that belonged to Goldman-Sachs? Ya, they fukked the poor guy. Goldman-sachs fukked him (no surprise), the FBI and justice system fukked him even harder. Now the guy is in jail for 8 years. Not gonna lie, I hope somehow, someway karma makes everything right for him in the future and flattens the FBI agent and judge, preferably 8 feet under.

Hard to have have a sour taste in your mouth after reading this one.

are you suprised lol....all these guys on the same team. top 10% the ruling class........they need that money for the stability of the nation, secret account, secret police ect......your a know nothing just enjoy the games

[The Kraken]

Haven't read this one yet. I read his book "The Big Short" a few years ago, and it was awesome! He's a great writer. Makes even the most complex stories very entertaining. Hard to put his books down once you start reading them.

I'll check this out.

I'll check it out. This is the first ML book I've read and like you said, hard to put it down.

[brooks85]

It funny cause I've known about high frequency trading and didn't bother me one bit. Is it bs? Sure. Will it stop you from making money in the market? Not a chance.

People in general just have a terrible time thinking logically. Imagine the market is a big fresh water lake and the high frequency trading is fish shit. If I told you the lake has shit in it, are you going to stop drinking the water?

Of course not. Is the market rigged by the definition of the word? Yes. Are people taking the word "rigged" way out of context? Yes.

[brooks85]

Unfortunately, there will always be those on Wall Street who want eliminate risk in place of a sure thing. There are ways to eliminate this crap, but I have no faith the SEC will do much anytime soon. All these people are doing is gaming the system. If I were czar of Wall Street for a day I'd put a 95 percent tax on all profits made on purchases held less than one minute.

Of course SEC won't do anything. Same cronies who were repeatedly told madoff was running a scam for over 10 years and did nothing.

[Jayvegas420]

Am I way off base here or isn't like, every time you call your bookie to make a bet, he tells you that the line always moves from -110 to -115.

[NYSportsGuy210]

HFT means relatively nothing to the main street buy and hold 30 year horizon investor. That said, the cost borne by the market due to HFT seems to be one that could be easily erased/regulated. That said, I applaud those that made their nut exposing this market inefficiencies, that's what its all about isn't it?

Will read the book once I can borrow it from someone. ML is a great writer, tho I fear this particular work is a little less objective than I would like.

This is correct to some degree.

[NYSportsGuy210]

Just finished, anyone else read it yet?

It's gotten a lot press recently for basically detailing how wall street, more specifically high-frequency traders, skimmed tens of billions in profit from our accounts, how it still happens, why it's legal, the ineptitude of our government, how and why regulation led to this event and the many injustices that occurred along the way.

Anyone remember the poor Russian guy arrested years ago for "stealing" a complex algorithm that belonged to Goldman-Sachs? Ya, they fukked the poor guy. Goldman-sachs fukked him (no surprise), the FBI and justice system fukked him even harder. Now the guy is in jail for 8 years. Not gonna lie, I hope somehow, someway karma makes everything right for him in the future and flattens the FBI agent and judge, preferably 8 feet under.

Hard to have have a sour taste in your mouth after reading this one.

Uhhhh not really dude. Nobody is stealing anything from your "personal accounts" unless they have your password and access to your accounts.

[jjgold]

Nobody stealing Anything

You can equate this on a much smaller level to a real time line sevice vs a delayed feed

People that spend more have an advantage.

[King Mayan]

Kraken can read me this book for my bedtime??

[floridagolfer]

If anything, these people are artificially hiking prices.

[mnpickle]

If anything, these people are artificially hiking prices.

And people are still buying...

[opie1988]

This is correct to some degree.

Look at this fukkin clown!!

Hey numb nuts.....grown men here are discussing grown up things. So not sure why you felt the need to chime in.

Now if we start a thread asking about how to look like a total douche on an online forum, then we would welcome your expertise.

Run along now, boy.

[bruceBRUCEbruce]

Wall St. and the Big Banks downtown have always been crooks.
Shit, JP Morgan can pay billions in fines for their transgressions and still pull it in hand over fist.

He explians how this is a product of regulation?
Or did you mean a lack of regulation?

Regulations are largely meaningless when the regulators [in this case, the SEC] are inept and corrupt.

[floridagolfer]

And people are still buying...

Sure. What's the alternative, invest in a CD and earn one-tenth of one percent?

[brooks85]

Sure. What's the alternative, invest in a CD and earn one-tenth of one percent?

that or do nothing and actually be penalized 2-3%. Either way, not very good options.

[The Kraken]

Am I way off base here or isn't like, every time you call your bookie to make a bet, he tells you that the line always moves from -110 to -115.

You should read the book. It's actually quite interesting, I bet you'd like it

[Jayvegas420]

It would probably depress me more than anything.
I think I know what it's about & I like every poster in this thread. That's why I quietly left this thread.



It's last call I gotta drink more.

[gauchojake]

You should read the book. It's actually quite interesting, I bet you'd like it

IC what you did there