A Wall Street Journal reporter evaluates the cost and consequences of high-speed trading, arguing that the development of automatic, super-intelligent trading machines is eliminating necessary human interests and compromising regulation measures. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented what was then the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed.
What had they just witnessed? Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home.
For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked—until , when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.
A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and a man at the center of them both. The time was the s. The place was Wall Street. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. New York Times Bestseller. He found this in Jim Clark, a man whose achievements include the founding of three separate billion-dollar companies.
Lewis also found much more, and the result—the best-selling book The New New Thing—is an ingeniously conceived history of the Internet revolution. Lewis has given us a spectacular account of two great men who faced up to uncertainty and the limits of human reason.
In The Undoing Project, Lewis shows how their Nobel Prize—winning theory of the mind altered our perception of reality. For those who could read between the lines, the censored news out of China was terrifying.
But the president insisted there was nothing to worry about. Fortunately, we are still a nation of skeptics. Fortunately, there are those among us who study pandemics and are willing to look unflinchingly at worst-case scenarios. The characters you will meet in these pages are as fascinating as they are unexpected. A secret team of dissenting doctors, nicknamed the Wolverines, has everything necessary to fight the pandemic: brilliant backgrounds, world-class labs, prior experience with the pandemic scares of bird flu and swine flu…everything, that is, except official permission to implement their work.
Michael Lewis is not shy about calling these people heroes for their refusal to follow directives that they know to be based on misinformation and bad science. Even the internet, as crucial as it is to their exchange of ideas, poses a risk to them. They never know for sure who else might be listening in.
The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 's disastrous regulatory "reforms. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror.
Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in Broken Markets, they explain how all this happened, who did it, what it means, and what's coming next.
You'll understand the true implications of events ranging from the crash of to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry if you aren't already. But you'll know exactly why you're angry, who you're angry at, and what needs to be done!
Loved each and every part of this book. I will definitely recommend this book to non fiction, business lovers. Your Rating:. Your Comment:. Read Online Download. Through this company they began the complicated process of laying the fiber. This included more than four hundred deals that had to be arranged with the many towns the route transected. Spivey contacted construction engineer Steve Williams, and asked him to supervise the laying of fifty miles of fiber, starting in Cleveland.
Williams did such a good job, Spivey and Barskdale hired him to supervise the complete installation. Williams and Spivey disagreed on the route on many occasions.
A full year after Spread began burying the fiber, their project remained a secret. Even their workers were kept in the dark to pro. High-frequency trading HFT refers to buying shares and other financial products in huge volumes and at extraordinarily high speeds, and then selling them at a higher price. High-frequency traders, which are also known as HFTs, are not real human beings.
HFTs are highly sophisticated computer algorithms, and they operate much faster than a human does. He argues that the stock market is being manipulated in favor of insiders who have made many billions of dollars by exploiting computerized trading.
In our book, we aim to investigate Lewis's argument that finance is not a clean game, but rather a device for drawing revenue for the very rich one percent. The content keeps tabs on high frequency exchanging HFT in monetary markets.
Lewis states that "The business is fixed" by HFT brokers who front run requests put by investors. The entire book has a number of different claims and interesting information some of which is, of course, debated among professionals that are in the field. The book is quite an interesting read, and we will explore other's opinions about the issues that are presented in this book later on in this summery. If you are looking to find a book that talks about a lot of the modern issues with Wall Street and other parts of the economy, then you are going to want to start here.
The research that Lewis put into this book really shows how serious he was about revealing the truth about this very volatile and vital topic. The lot has been cast, and the responsibility has fallen to big name writer Michael Lewis to bring forward a more extensive open consideration to the predations of high frequency exchanging, which is better known as HFT.
Some people who have started to look into this book have also looked into other books that explored the same exact topics, and trusted that these generally investigated books might pick up some recognition in the topic. We will explain this more as this summ. Mustering the perceived panache of the bigwigs, he burst through the doors of America's oldest financial firms. He was roundly rejected. And entirely undeterred. Trennert accepted a position as a cold-caller and charged ahead with the blind zeal of inexperience, finding in the process a genuine affinity for the customs and history of his work.
Clinging to his dream from humble beginnings in financial sector Siberia—Morgan Stanley's Brooklyn outpost—and enduring the villainization of a respectable profession across two boom-bust cycles, he opened his own boutique company, now one of the world's leading research firms. Part memoir, part love letter to an institution popularly viewed as a necessary or as just plain evil, My Side of the Street delivers the long-overdue defense of the investment banking industry critiqued by Michael Lewis and others, illuminating the ethical and decent majority who take the subway, worry about mortgages, and keep the entire enterprise on its feet.
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