In Flash Boys, Michael Lewis alleged that the entire U.S. stock market is rigged. This is an extraordinarily serious accusation. If it is true that a conspiracy of stock exchanges, banks, regulators and high-frequency traders has rigged the market, this has profound implications for every aspect of our financial system. It's rather surprising, then, that this book alleging a vast high-frequency trading conspiracy included no high-frequency traders. Flash Boys lacks a single insider's account, and it shows. Electronic trading is extremely complicated, and if you neglect to talk to any electronic traders, you're probably going to get it wrong. Flash Boys: Not So Fast, written by a former high-frequency trading executive and regulatory compliance expert, provides the missing insider's perspective on today's stock market and answers the question of whether or not Michael Lewis is right. Not So Fast reviews the alleged scams described by Lewis and applies the same rigorous analysis that real trading strategies are subjected to, methodically walking through them step by step and explaining what is actually possible in today's markets and what is not. Extensively researched and documented, Not So Fast provides a clear, accurate picture of how today's markets operate, including what works, what doesn't work, and what changes need to be made.
flash boys not so fast
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There's a well-known story about an older fish who swims by two younger fish and asks, "How's the water?" The younger fish are puzzled. "What's water?" they ask. Many of us today might ask a similar question: What's technology? Technology defines the world we live in, yet we're so immersed in it, so encompassed by it, that we mostly take it for granted. Seldom, if ever, do we stop to ask what technology is. Failing to ask that question, we fail to perceive all the ways it might be shaping us. Usually when we hear the word "technology," we automatically think of digital de- vices and their myriad applications. As revolutionary as smartphones, online shop- ping, and social networks may seem, however, they t into long-standing, deeply entrenched patterns of technological thought as well as practice. Generations of skeptics have questioned how well served we are by those patterns of thought and practice, even as generations of enthusiasts have promised that the latest innovations will deliver us, soon, to Paradise. We're not there yet, but the cyber utopians of Silicon Valley keep telling us it's right around the corner. What is technology, and how is it shaping us? In search of answers to those crucial questions, Not So Fast draws on the insights of dozens of scholars and artists who have thought deeply about the meanings of machines. The book explores such dynamics as technological drift, technological momentum, technological disequilibrium, and technological autonomy to help us understand the interconnected, inter- woven, and interdependent phenomena of our technological world. In the course of that exploration, Doug Hill poses penetrating questions of his own, among them: Do we have as much control over our machines as we think? And who can we rely on to guide the technological forces that will determine the future of the planet?
Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.
There is a widespread perception that life is faster than it used to be. We hear constant laments that we live too fast, that time is scarce, and that the pace of everyday life is spiraling out of our control. The iconic image that abounds is that of the frenetic, technologically tethered, iPhone/iPad-addicted citizen. Yet weren't modern machines supposed to save, and thereby free up, time? The purpose of this book is to bring a much-needed sociological perspective to bear on speed: it examines how speed and acceleration came to signify the zeitgeist, and explores the political implications of this. Among the major questions addressed are: when did acceleration become the primary rationale for technological innovation and the key measure of social progress? Is acceleration occurring across all sectors of society and all aspects of life, or are some groups able to mobilise speed as a resource while others are marginalised and excluded? Does the growing centrality of technological mediations (of both information and communication) produce slower as well as faster times, waiting as well as 'busyness', stasis as well as mobility? To what extent is the contemporary imperative of speed as much a cultural artefact as a material one? To make sense of everyday life in the twenty-first century, we must begin by interrogating the social dynamics of speed. This book shows how time is a collective accomplishment, and that temporality is experienced very differently by diverse groups of people, especially between the affluent and those who service them.
Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets. Flash Boys 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, the flash boys 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 in Flash Boys are fabulous, 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 light that Lewis shines into the darkest corners of the financial world may not be good for your blood pressure, because if you have any contact with the market, even a retirement account, this story is happening to you. But in the end, Flash Boys is an uplifting read. Here are 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. Editorial ReviewsReview“Michael Lewis is a genius, and his book will give high-frequency trading a much-needed turn under the microscope.” (Kevin Roose - New York Magazine) “Dazzling… guaranteed to make blood boil… riveting.” (Janet Maslin - The New York Times) “If you read one business book this year, make it Flash Boys.” (David Sirota - Salon) “A beautiful narrative, so well-written. You’ve got to get this.” (Jon Stewart - The Daily Show) “Important to public debate about Wall Street… in exposing what one of his central characters calls the ‘Pandora’s box of ridiculousness’ that financial exchanges have become.” (Philip Delves Broughton - The Wall Street Journal) “Michael Lewis knows how to tell a story.” (Vanity Fair) “Remarkable… Michael Lewis has a spellbinding talent for finding emotional dramas in complex, highly technical subjects.” (Financial Times) “Who knew high-frequency trading was such a sexy subject?” (Bloomberg Business Week) “Michael Lewis is one of the premier chroniclers of our age.” (Huffington Post) “Score one for the humans! Critics of high speed, computer-driven trading have a new champion.” (CNN Money) “If you own stock, you need to read Flash Boys… and then call your broker.” (Entertainment Weekly) “In 24 hours, I plowed through Michael Lewis' new blockbuster Flash Boys: A Wall Street Revolt, a book about the huge changes that have occurred in financial markets in the last three decades. It's compelling reading.” (John Aziz - The Week) “Flash Boys richly deserves to be the first chapter in a new discussion of market rules and abuses… Lewis raises troubling and necessary questions.” (The American Conservative) “When it comes to narrative skill, a reporter’s curiosity and an uncanny instinct for the pulse of the zeitgeist, Lewis is a triple threat.” (James B. Stewart - New York Times) “[Lewis] is a top-flight storyteller.” (Lev Grossman - Time) “A fast-paced tale backed by gutsy reporting.” (Tina Jordan - Entertainment Weekly) “A tour de force that will grab and hold your attention like the best of thrillers.” (Jon Talton - Seattle Times) “Lewis writes about the resilience of underdogs, even in the face of seemingly overwhelming odds. He’s doing essential work, and anything that embarrasses fat cats and encourages reform is a flash in the right direction.” (Julie Hinds - Detroit Free Press) “Lewis simply tells the truth.” (Will Deener - Dallas News) “Michael Lewis has another hit on his hands.” (Zachary Warmbrodt and Dave Clarke - Politico) “[Lewis’s] ability to find compelling characters and tell a great story through their eyes is unparalleled. He can untangle complex subjects like few others. His prose sparkles.” (Joe Nocera - New York Times) “Fascinating.” (Steven Pearlstein - The Washington Post) “Lewis, as always, is exceedingly good at describing the complexities and absurdities of the subculture he portrays here… A deeply entertaining book, and one that illuminates how much our world has changed in less than a decade.” (Hector Tobar - Los Angeles Times) “As always, Lewis simplifies the complex—and makes it fascinating.” (People) “Recommended… Entertaining.” (San Francisco Chronicle) “Entirely engaging… Illuminates a part of Wall Street that has generally done business in the shadows.” (New York Review of Books)
Emma loses an important modeling job due to an injury she got while playing with her brothers. How will she pay for the beautiful holiday presents she planned for her family and friends? Emma is playing ball with her brothers on an unusually warm winter afternoon. But an errant toss from her brother Matt hits her right on the nose! Luckily, it’s nothing more serious than a little swelling, but it’s enough to make her lose an important modeling job at The Special Day salon. Mona hires “mean girl” Olivia Allen to fill in. Olivia is thrilled, not only for the job, but also for a chance to spread some nasty rumors about Emma. Worst of all, now Emma can’t afford the beautiful holiday gifts she planned to buy her family and friends. Emma’s Cupcake Club pals remind her that the best gifts come from the heart, and don’t have a price tag.
Mia is excited to enter a Design-a-Dress contest, but she’s pressed for time. And when she tries to finish working on her dress during a Halloween cupcake party, it’s a recipe for disaster! When Mia reads about a Design-a-Dress contest in a magazine for “budding designers ages 12–16” she is excited. But she doesn’t realize how much work designing—and sewing—a dress truly is until she starts on her contest entry. While Mia stresses out about all the work she has to do, she and Katie have an argument about, of all things, fashion preferences! Katie offers suggestions that don’t really go with the outfit Mia has in mind. And when Mia makes (what she thinks) is an offhand joke about Katie’s fashion sense, it turns into a full-blown argument. As Mia tries to finish working on her dress during a kids’ Halloween cupcake party, she realizes that kids plus cupcakes plus silk dresses plus frosting equals a recipe for disaster!
Book Summary Dawn and her father Azael have always lived a normal life just like everyone else. But when Dawns father is kidnapped, Dawn is forced to look for her family, knowing that theyre the key to finding her father alive. The problem is, she has no clue who her family is, but with her new friend Demitri, anything is possible. Now they are headed across the world in search of the one that Dawn has treasured her whole life!