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“When something becomes obvious to you,” he said, “you immediately think surely someone else is doing this.”
even if they have no choice, people do not want to do business with people they’re angry with.’
If you really want to encourage diversity you shouldn’t make people feel like a minority.”
the hole in the ground became the view you looked at without ever seeing it.
‘It doesn’t matter if I’m one second slower or one microsecond; either way I come in second place.’
“When they said they wouldn’t give them to me because they were proprietary, I said, ‘Well, then, proprietarily fuck off.’
they wanted to find out what investors wanted to buy and sell before they did it.
The HFT guys didn’t need perfect information to make riskless profits; they only needed to skew the odds systematically in their favor.
more than two hundred SEC staffers since 2007 had left their government jobs to work for high-frequency trading firms or the firms that lobbied Washington on their behalf.
The price volatility within each trading day in the U.S. stock market between 2010 and 2013 was nearly 40 percent higher than the volatility between 2004 and 2006,
“I’m immediately skeptical of people saying they are looking out for my interests,”
“Finance is just who gets money.
Its goal was not to exterminate the hyenas and the vultures but, more subtly, to eliminate the opportunity for the kill.
They don’t think you do something. They think you call somebody.”
In a stock market now defined by its technology accidents, nothing actually happened by accident:
“It’s an entire industry that overglorifies data, because data is so easy to game, and the true data is so hard to obtain,”
The system has let down the investor.”
he was talking about stuff that he did not understand, and so he was misunderstood,”
“Why aren’t you angry?” Serge just smiled back at him. “No, really,” said the juror. “How do you stay so calm? I’d be fucking going crazy.” Serge smiled again. “But what does craziness give you?”
“People don’t know how to live in a world that is transparent,”
