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Highly recommend reading Flash Boys [1] and it explains why time is so important and HFT firms. Great book for filling in the picture of what HFT is and I found

Highly recommend reading Flash Boys [1] and it explains why time is so important and HFT firms. Great book for filling in the picture of what HFT is and I found it pretty entertaining too. [1] https://www.amazon.ca/Flash-Boys-Michael-Lewis/dp/0393244660 https://www.amazon.ca/Flash-Boys-Michael-Lewis/dp/0393244660

harryh 10y ago
Highly recommend reading Flash Boys: Not So Fast [1] and it explains how Flash Boys gets it almost entirely wrong. [1] https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2 https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-...
- WestCoastJustin 10y ago
  Oh, thanks. Have not seen that and will check it out.
- bpchaps 10y ago
  comment was entirely irrelevant - deleting
  - pgwhalen 10y ago
    Dark Pools isn't by Michael Lewis, it's by Scott Patterson.
    - bpchaps 10y ago
      Huh. You're right. Wonder where that impression came from, then..
      - pgwhalen 10y ago
        I'm about 90% sure that Lewis mentions it in his "acknowledgements" in Flash Boys, as a great resource to go more in depth (which is why I ended up reading it). You might have made that association.
        bpchaps 10y ago
        Maybe. When it came out, everybody was talking about the two in an almost identical light. That probably didn't help, either :)
- MichaelGG 10y ago
  At risk of me-tooing: This book is great. It's a fun read watching him destroy Lewis's book. The Flash Boys book is so obviously incorrect. Lewis writes stuff that, if taken seriously, would imply things like major traders not understanding basic price impact. Or major traders having trojans placed on their computers. One anecdote he mentions is something like "I entered an order but didn't press execute. The price changed!" ... As if there's some sort of conspiracy. Lewis's main point seems to be that it's no fair you can't sell a million shares of something without moving the price. It is disheartening to see someone get things so wrong, have glaring inconsistencies, and yet get wide acclaim. Just another instance of Gell-Mann amnesia effect. Probably many popular books are just flat-out wrong and we collectively just go on thinking incorrectly.
- eru 10y ago
  Alternative review: https://www.goodreads.com/book/show/23570025-flash-boys https://www.goodreads.com/book/show/23570025-flash-boys

harryh 10y ago

Highly recommend reading Flash Boys: Not So Fast [1] and it explains how Flash Boys gets it almost entirely wrong. [1] https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-Frequency-ebook/dp/B00P0QI2M2 https://www.amazon.com/Flash-Boys-Insiders-Perspective-High-...

WestCoastJustin 10y ago
Oh, thanks. Have not seen that and will check it out.
bpchaps 10y ago
comment was entirely irrelevant - deleting
- pgwhalen 10y ago
  Dark Pools isn't by Michael Lewis, it's by Scott Patterson.
  - bpchaps 10y ago
    Huh. You're right. Wonder where that impression came from, then..
    - pgwhalen 10y ago
      I'm about 90% sure that Lewis mentions it in his "acknowledgements" in Flash Boys, as a great resource to go more in depth (which is why I ended up reading it). You might have made that association.
      - bpchaps 10y ago
        Maybe. When it came out, everybody was talking about the two in an almost identical light. That probably didn't help, either :)
MichaelGG 10y ago
At risk of me-tooing: This book is great. It's a fun read watching him destroy Lewis's book. The Flash Boys book is so obviously incorrect. Lewis writes stuff that, if taken seriously, would imply things like major traders not understanding basic price impact. Or major traders having trojans placed on their computers. One anecdote he mentions is something like "I entered an order but didn't press execute. The price changed!" ... As if there's some sort of conspiracy. Lewis's main point seems to be that it's no fair you can't sell a million shares of something without moving the price. It is disheartening to see someone get things so wrong, have glaring inconsistencies, and yet get wide acclaim. Just another instance of Gell-Mann amnesia effect. Probably many popular books are just flat-out wrong and we collectively just go on thinking incorrectly.
eru 10y ago
Alternative review: https://www.goodreads.com/book/show/23570025-flash-boys https://www.goodreads.com/book/show/23570025-flash-boys