Here's a lengthy critique of the Kovac book alleging it misreads Lewis's point: http://www.amazon.com/review/R28Y8AI4PIPYZ2/ref=cm_cr_dp_title?ie=UTF8&ASIN=B00

Here's a lengthy critique of the Kovac book alleging it misreads Lewis's point: http://www.amazon.com/review/R28Y8AI4PIPYZ2/ref=cm_cr_dp_title?ie=UTF8&ASIN=B00P0QI2M2&channel=detail-glance&nodeID=133140011&store=digital-text http://www.amazon.com/review/R28Y8AI4PIPYZ2/ref=cm_cr_dp_tit... "Kovac misfires by supposing the "front-running" condemned in "Flash Boys" refers to a particular kind of abuse, and not surprisingly it's the kind he plans to refute. In common usage there are at least two meanings to the term. One common meaning is as shorthand for "front-running demand," which is what happens when someone tries to figure out whether your mutual fund or your pension fund is buying or selling stock, realizes that it will change supply-and-demand dynamics for the stock, affecting the price, and front-runs that demand to profit. Imagine if someone made a reasonable guess you needed milk, raced ahead of you to the only store in town to buy up all the milk before you got there, and then offered to sell you milk at a higher price than the store sold it to him; this is one example of front-running demand, just as described in "Flash Boys." (It's also called "trading ahead.") Another common meaning is "front-running a customer order," a type of insider trading, where a stock broker believes his own customer's order will change supply-and-demand and tries to profit from that; this is what Kovac apparently intends to refute, and it has nothing at all to do with "Flash Boys.""