Tuesday, July 29, 2014

Flash Boys (Michael Lewis)

(spoilers in the review)

Yet another classic from Michael Lewis who is definitely numero uno when it comes to Finance Journalist. This iteration takes on HFT trading and their ways of rigging the so called efficient markets.

Central idea is taut - how trading shops with hitherto unknown names (e.g. GETCO) started accounted for a substantial percentage of equity trades. Also on offer is play along by wall street banks and exchanges. However just as Michael Lewis did with his seminal Liar's Poker and recent Big Short - the human thread of an unlikely crusader (Brad Katsuyama) in this case is the real story.

Overall a much enjoyed book after a long time. Pretty much finished in 2-3 sittings over a weekend. Only downside for someone could be spells of dry details on communications hardware. Otherwise a highly recommended for someone remotely interested in the subject.