ctlby

16 ms·

91.
by ctlby 11y ago
Speed wins regardless of the number of exchanges. Even with a single venue, the first participant to execute a trade captures the embedded value and removes that opportunity for all other players. As a corollary, in any given market, only o
92.
by ctlby 11y ago
> HFT mocks the true essence of trading HFT is the true essence of trading--predicting short-term changes in supply and demand and acting accordingly. > This used to give us a real picture of the public sentiment for those companies o
93.
by ctlby 11y ago
The persistence of this myth is truly remarkable. Consider that Veblen published "The Theory of the Leisure Class" in 1899. What we consider today the middle class was very much alive and booming by the end of the 19th century.
94.
by ctlby 11y ago
Well said. Crude majoritarian morality has hole after hole that even its most thoughtful adherents can do nothing to defend. Why people continue to invoke it is beyond me.
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by ctlby 11y ago
> Which means you have to accept nominal tax rates of 48%+. Nonsense. I won't speak for Germany, but our government spends about $500 billion annually on things that can plausibly be called public goods (I exclude defense). This is
96.
by ctlby 11y ago
Sorry if this is just oversight, but I haven't seen much discussion on HN of liability arising from termination of an employee. I'd guess (admittedly, no data here) that this is one of the major factors driving disemployment for m
97.
by ctlby 11y ago
> you'd see salaries rising Residents of the Bay Area looking for housing would beg to differ.
98.
by ctlby 11y ago
The basic argument is superficially appealing, but it's far from clear that it's true. Critiques of failing institutions have more force when there exists a credible threat to walk away. See e.g. "Exit, Voice, and Loyalty&quo
99.
by ctlby 11y ago
Why is this relevant? The proximate cause for the decreasing life expectancy is massive alcohol consumption. You could assign the blame by drawing long, tenuous chains of social causation from policies you don't like. Or, not unreasona
100.
by ctlby 11y ago
Has any philosophy in human history caused more death and suffering than collectivism and its offshoots? ... and its adherents take the free-marketeers to task for their "cruelty" and "heartlessness"!
101.
by ctlby 11y ago
> Laws aren't about morals, they're about reason. Most contentious issues--marriage laws, universal healthcare, minimum wage, etc--are explicitly framed and argued (by both sides) with the language of justice. Moral preferences
102.
by ctlby 11y ago
> Our status as a social species that works better when it works together and looks out for other members of the group. Fair. But why define the relevant group as your countrymen? If you do not believe in positive obligations towards str
103.
by ctlby 11y ago
> A free, universal healthcare system should be a primary goal of any civilised society. What premises lead you to conclude that our highest duty is to guarantee our fellow citizens the unlimited attentions of doctors, surgeons, nurses,
104.
by ctlby 11y ago
They don't believe it will solve "our" problems. They dispute the very premise that they're "ours" to begin with--your healthcare is your problem, no one else's.
105.
by ctlby 11y ago
I laughed when I read this, but there is indeed a difference. Here, a meaningful portion of your confiscated earnings is distributed to your fellow citizens. Moreover, the means of confiscation is predictable, as is the degree. In Russia, y
106.
by ctlby 11y ago
A handful of conversations and a couple months of travel will not give a Westerner an understanding of Russia. The vast majority USSR emigrants under a certain age (that is, people truly familiar with both systems) would disagree with you i
107.
by ctlby 11y ago
The second page contains a succinct summary of theoretical reasons why this is true. The rest of the paper goes over empirical findings: http://www.acsu.buffalo.edu/~keechung/MGF743/Readings/G2%20D... Since t
108.
by ctlby 11y ago
A more granular tick doesn't just "spread out" the existing liquidity to a bunch of price levels--it meaningfully decreases incentives to post serious size. The spread will end up being marginally tighter, but with thinner bo
109.
by ctlby 11y ago
It's not a tax, it's the price of immediacy. You can either work your orders yourself (which doesn't in the least require speed), or you can pay a concession. It has always been this way and always will. HFT has made that con
110.
by ctlby 11y ago
Eliminating the sub-penny rule would probably be counter-productive for most US equities. You would not see further spread compression (most stocks' natural spreads are already greater than one cent), and displayed size would likely sh
111.
by ctlby 11y ago
Not at all true. They almost exclusively hire from academia.
112.
by ctlby 11y ago
You can believe that the government should provision military defense and still find laughable the claim that one "deserves" a sophisticated fighter jet flying overhead.
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by ctlby 11y ago
Drugs are a complex good created through the intensive efforts of highly intelligent, trained human beings. They are anything but a natural right.