>The better firms tend to hire people out of school and train them up so they can do novel research. It's a smarter long-term play. I completely agree with you

>The better firms tend to hire people out of school and train them up so they can do novel research. It's a smarter long-term play. I completely agree with you there. There are a handful of firms that do this consistently and they are leading the pack. > I don't like the author's characterization of HFTs as "parasites." Also agree. I think it's a bit harsh.