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Flash Boys: A Wall Street Revolt Kindle Edition

by
Michael Lewis (Author)
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Michael Lewis (Author)
4.5 out of 5 stars 2,944 customer reviews
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Length: 289 pages Word Wise: Enabled Enhanced Typesetting: Enabled

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Product Details

  • File Size: 1023 KB
  • Print Length: 289 pages
  • Publisher: W. W. Norton & Company; 1 edition (March 31, 2014)
  • Publication Date: March 31, 2014
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B00HVJB4VM
  • Text-to-Speech: Enabled
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  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Enabled
  • Amazon Best Sellers Rank: #2,776 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

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Customer Reviews

Most Helpful Customer Reviews

5.0 out of 5 starsA true snapshot in a still evolving financial world
By Earthizen on April 2, 2014
Format: Hardcover Verified Purchase
I retired from the hedge fund world and I can tell you that this book is mostly on target. For those who deny that HFT (high-frequency trading) is a rigged game, either they are un-informed or disingenuous.

It wasn't always like this. There was a time, when a bid was a bid, and an ask was an ask. If you liked the ask, you could hit the buy button and have a buy order confirmed instantly. Likewise, if you liked the bid, you could hit it and have a sale order confirmed instantly. That instant used to be measured in seconds or less. Then came along the HFT algo. All of a sudden, a bid is no longer a firm bid, and an ask is no longer a firm ask. You can hit the bid, but instead of selling instantly, you now become the ask price, and the bid just got lowered by a penny or more, and the market is moving away from you. Most of the time, the price move is a head fake - an illusion, trying to get you to trade at a price with "scalping" built-in against you. If you are willing to stick around, the precise price you want will return and you can have your trade. But other times when execution really matters, it was all real, the price you were willing to trade at just got shifted permanently right before your eyes and somebody "front-run" you.

I decided to retire, partly out of disgust, partly out of my lack of financial ambition. I learned a while ago, if the first million can't make you happy, that you have to accumulate more, you will never be content. If you have to play the rigged game to add more riches to your money pile that most human beings will never see in their lifetime, I feel sorry for you. Life is too short for me to play that game.

Addendum: This book was written for the lay person, so was my review.Read more ›
27 Comments 808 of 888 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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5.0 out of 5 starsA Great Wall Street Narrative
By Bookworm9765 on March 31, 2014
Format: Hardcover
"Flash Boys" has all the qualities you would expect from Michael Lewis. It's a wonderfully-written set of intertwined narratives that make the primary characters come to life. Lewis is able to do this in a way that is perhaps without equal, especially when the topic is complex. In many ways the book seems more like a novel than a nonfiction book: if you enjoy a good story, you won't be disappointed.

The main narrative involves Brad Katsuyama, a trader at the Royal Bank of Canada, a relatively obscure firm that is no where near the top tier when it comes to Wall Street trading. Katsuyama discovers that his trades aren't getting filled as he expects, and he becomes suspicious and goes looking for the problem. He ultimately discovers the world of high frequency trading, and the fact that the stock market is essentially rigged by firms that are able to use their speed advantage to game the system and siphon a little money off nearly every trade.

The book is a great read, and gives a pretty cohesive overview of high frequency and algorithmic trading. Lewis focuses almost entirely on the speed advantage from shorter fiber paths, but in fact there are many issues beyond that. For example, artificial intelligence is used to build trading algorithms that read special machine-formatted news feeds and place trades almost instantly. If you enjoy this book, you might also like The Lights in the Tunnel: Automation, Accelerating Technology and the Economy of the Future, which looks at the more general impact of computers, algorithms and artificial intelligence on the whole economy and society.Read more ›
5 Comments 385 of 450 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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1.0 out of 5 starsSomewhat entertaining, but it has several big wrong facts and it's heavily biased
By Daniel on April 1, 2014
Format: Kindle Edition Verified Purchase
Disclaimer: I have a lot of experience trading electronically (although I don't do HFT), and I try to keep up with everything HFT-related, exchange market micro structure, nooks, academic articles, news, SEC/CTFT/FINRA meetings, etc.

Flash Boys presents a story about a trader, Brad, who's not technical, and who's trying to learn about the market. The trader find out about a new kind of investors, the high frequency trades, and Brad "figures out" that speed is very important and that his trades are being gamed. Enraged by this, Brad decides to create an alternative trading system, ATS, that would be more "fair" to the long term investors. The book tries to accomplish 2 things:
1. tell a story in an entertaining way
2. raise flags about how to stock market is "rigged"

On (1), Michael Lewis does an ok job, although the story is forced. Some chapters have very little relation to each other. (the Sergey Aleynikov chapters for example) However, Michael Lewis is not the first to this story of HFT, and in particular Scott Patterson has a more entertaining story in his book "Dark Pools". Also, the book's entertainment value is much lower than some of Michael Lewis' other books, in particular Liar's Poker, Moneyball and The Big Short. The second part of the book is dry and it reads like a commercial for IEX. (the new ATS started by Brad)

On (2), Michael Lewis has too many wrong facts, and basically he loses credibility because of this. Moreover, the whole book is only focusing on the speed aspect of HFTs, and latency arbitrage, that's only a small part of HFTs and market making. In addition, he only presents facts that support his point and many facts where they are blatantly false.Read more ›
127 Comments 1,138 of 1,482 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Most Recent Customer Reviews

5.0 out of 5 starsPickpockets at the speed of light

Flash Boys by Michael Lewis is an entertaining and engaging tale about obscure and complicated Wall Street machinations (HFT) to game the system with the bastard offspring of super... Read more

Published 1 day ago by Michael G Kurilla
4.0 out of 5 starsPrepared to be shocked and angered

If you did not already know the markets were rigged against individual investors, then you will after reading this. Read more

Published 3 days ago by Megan Gray
5.0 out of 5 starsExcellent

Excellent from beginning to end.

Published 5 days ago by JuneBugg
4.0 out of 5 starsLearn a lot, and it's a good read.

I love his writing, and his ability to describe characters even though the subject matter, high-frequency stock trading, is a little over my head. Read more

Published 5 days ago by Amazon Customer
5.0 out of 5 starsFantastic, engaging

Fantastic, engaging, accessible, character-driven account of high-speed/high-frequency front-runners and the big banks who enable, profit from, and engage in such activities... Read more

Published 6 days ago by P. Welch
4.0 out of 5 starsFour Stars

Very informative!

Published 7 days ago by Vicstone Publlishing Company Consignment
5.0 out of 5 starsLewis Never Fails to Satisfy

I am a great fan of Michael Lewis. He writes in a way that makes the inner workings of Wall Street easier to understand. Read more

Published 7 days ago by JoDuff
5.0 out of 5 starsRiveting

Not a subject I know much about, but definitely a good read. Michael Lewis draws you in from the word go! Would definitely recommend, especially if you invest at all.

Published 10 days ago by Corwin
5.0 out of 5 starsFive Stars

Great Book and how the algorithm microsecond trading is screwing the rest of the investors.

Published 12 days ago by Barbara Frey
5.0 out of 5 starsExcellent expose of the Greed on Wall Street

Essential reading for anyone with money in the stockmarket. It reveals how big money exploits the 'punter' on the street. Read more

Published 12 days ago

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