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Flash Boys: A Wall Street Revolt por Michael…
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Flash Boys: A Wall Street Revolt (original 2014; edição 2015)

por Michael Lewis (Autor)

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1,710607,754 (4.07)21
In this book the author argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets. A report on a high-tech predator stalking the equity markets, this book 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, they 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 are 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 author shines a light into the darkest corners of the financial world, where anyone in contact with the market, even a retirement account, is part of the story. But in the end, this is the story of 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.… (mais)
Membro:marzagao
Título:Flash Boys: A Wall Street Revolt
Autores:Michael Lewis (Autor)
Informação:W. W. Norton & Company (2015), Edition: Reprint, 320 pages
Colecções:A sua biblioteca
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Etiquetas:currently-reading

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Flash Boys: A Wall Street Revolt por Michael Lewis (2014)

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This was a pretty interesting book. I'm not sure I understand High Efficiency trading, or whatever it's called (my dad, who works for a bank, kept trying to explain it to me) but this book was till easy to read. I like Lewis' writing style. He handles complex topics very well and makes it understandable to a lay audience. I'm also reading Moneyball by him right now and while I'm liking that one more, this one was still quite good. This book did a lot of jumping around that I didn't always love and was sometimes hard to follow when listening to the audio book. I also listened over a shorter period of time so remembering who everyone was was hard. I would recommend this book to people still, even if they know very little about wall street. ( )
  AKBouterse | Oct 14, 2021 |
The game is rigged. Or there is always someone trying to game the system to gain an advantage. Either way--it not enough to know how something works--you have to know how that thing really works and when it is as dark and incomprehensible as our the wealth system holding together our markets and algorithms produced by those gaming the system allow interlopers to skim and scalp off the top by micro milliseconds--something is wrong.
( )
  auldhouse | Sep 30, 2021 |
I picked this book up at my local library and it's one I have been wanting to read for a little while. I have read some of Michael Lewis' other books, specifically, Boomerang, The Blind Side and The Big Short. I found every book to be very well written and I have enjoyed his work immensely. I particularly liked the way that he mades seemingly tricky financial concepts easy to understand in The Big Short and I think that he has a particular talent when it comes to financial exposes. The subject matter was relatively new to me because although I understood the basics behind HFT (high frequency trading) I didn't understand the technology behind it or the fact that it has been going on unchecked and abused for a long time now.

Lewis has a knack of basing his books around one or two important, but fringe characters behind the subject at hand and then bringing the whole story together. In this case he starts off with the infrastructure that is required in HFT, namely fibre optic cables and the paths they follow. It turns out that the person who has the shortest cable run to the exchange has an advantage over everyone else in the zero-sum game that is the stock market. When speed is of the essence, the weak point in the chain is the slowest, and that weak point is the human. So take the human out of the equation and have machines do all the trading as they can react faster than any man. This leads the stock market floor traders to be replaced with the latest computer programmers and mathematicians who write extremely complex algorithms which lay down the rules of how and when to trade. This hidden world opens up a whole avenue of abuse open to those who want to take advantage of it and the pigs are face deep in the trough.

The book also goes on to detail how the market could be made fair and how one group of people set out to do just that. They created an exchange in which no one had a speed advantage and no one was given extra or early information hidden to everyone else. Although the uptake in this exchange was initially quite slow, over time, more and more banks started to use it which results in more protection and less risk for both them and their investment customers. Lewis also talks about other shady practices such as the use of dark pools and how unscrupulous traders are not getting the best price available for their clients, a clear breach of regulations.

This was another very well written and entertaining book from Michael Lewis. ( )
  Brian. | Jul 25, 2021 |
It was ok. Not one of Michael Lewis' better books. Wasn't invested in the plot or characters. ( )
  Zach-Rigo | Jun 28, 2021 |
If you ever listened to the Radiolab episode about high frequency trading, you should give this a listen. Lewis goes into much more detail on the same subject, including the concept of "dark pools" which I was unaware of. It's crazy how differeny things are from when I learned about the stock market in high school, but this one does an entertaining job of explaining why. ( )
  adamfortuna | May 28, 2021 |
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In this book the author argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets. A report on a high-tech predator stalking the equity markets, this book 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, they 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 are 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 author shines a light into the darkest corners of the financial world, where anyone in contact with the market, even a retirement account, is part of the story. But in the end, this is the story of 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.

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