Flash Boys
Registered by HoserLauren of Burlington, Ontario Canada on 8/23/2015
This Book is Currently in the Wild!
This Book is Currently in the Wild!
1 journaler for this copy...
Got this for my dad as a present and he enjoyed it.
From Chapters:
Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets.
Flash Boys is about a small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders and that, post–financial crisis, the markets have become not more free but less, and more controlled by the big Wall Street banks. Working at different firms, they come to this realization separately; but after they discover one another, the flash boys band together and set out to reform the financial markets. This they do by creating an exchange in which high-frequency trading—source of the most intractable problems—will have no advantage whatsoever.
The characters in Flash Boys are fabulous, each completely different from what you think of when you think “Wall Street guy.” Several have walked away from jobs in the financial sector that paid them millions of dollars a year. From their new vantage point they investigate the big banks, the world’s stock exchanges, and high-frequency trading firms as they have never been investigated, and expose the many strange new ways that Wall Street generates profits.
The light that Lewis shines into the darkest corners of the financial world may not be good for your blood pressure, because if you have any contact with the market, even a retirement account, this story is happening to you. But in the end, Flash Boys is an uplifting read. Here are people who have somehow preserved a moral sense in an environment where you don’t get paid for that; they have perceived an institutionalized injustice and are willing to go to war to fix it.
From Chapters:
Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets.
Flash Boys is about a small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders and that, post–financial crisis, the markets have become not more free but less, and more controlled by the big Wall Street banks. Working at different firms, they come to this realization separately; but after they discover one another, the flash boys band together and set out to reform the financial markets. This they do by creating an exchange in which high-frequency trading—source of the most intractable problems—will have no advantage whatsoever.
The characters in Flash Boys are fabulous, each completely different from what you think of when you think “Wall Street guy.” Several have walked away from jobs in the financial sector that paid them millions of dollars a year. From their new vantage point they investigate the big banks, the world’s stock exchanges, and high-frequency trading firms as they have never been investigated, and expose the many strange new ways that Wall Street generates profits.
The light that Lewis shines into the darkest corners of the financial world may not be good for your blood pressure, because if you have any contact with the market, even a retirement account, this story is happening to you. But in the end, Flash Boys is an uplifting read. Here are people who have somehow preserved a moral sense in an environment where you don’t get paid for that; they have perceived an institutionalized injustice and are willing to go to war to fix it.
An interesting subject and I enjoyed learning about something I had previously no knowledge on, but not enough time was given between the new exchange being started and the book being written. Lewis summarizes the findings from the group that creates this new, fair exchange, tells the story of them creating it, and then nothing. The book ends. Is IEX successful? Is there any lobbying to change the antiquated rules?
The other thing I struggle with is this is a millionaire/billionaire problem. If someone wants to sell 100k shares, I don't feel much empathy that they need to pay 1 cent more than they would with a fairer system.
The other thing I struggle with is this is a millionaire/billionaire problem. If someone wants to sell 100k shares, I don't feel much empathy that they need to pay 1 cent more than they would with a fairer system.
Journal Entry 3 by HoserLauren at LFL - Blue Spruce in Burlington, Ontario Canada on Monday, August 17, 2020
Released 3 yrs ago (8/17/2020 UTC) at LFL - Blue Spruce in Burlington, Ontario Canada
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