- Audible Audio Edition
- Listening Length: 10 hours and 18 minutes
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Simon & Schuster Audio
- Audible.com Release Date: March 31, 2014
- Language: English
- ASIN: B00ICRE1QC
- Amazon Best Sellers Rank:
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Flash Boys: A Wall Street Revolt Audible – Unabridged
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Top Customer Reviews
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 ›
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 ›
But the more I read and, more important, the more I checked his story with my colleagues on the operations side of the financial markets, the more it becomes apparent that Lewis has missed the real story – and perhaps deliberately. The headline of “Flash Boys” is about Wall Street traders using fast technology and unfair tactics to trade ahead of retail investors – and they do – but Lewis misses the real issues, namely: 1) a lack of transparency and 2) deliberate complexity.
It is important to distinguish between issues related to the “flash crash” of May 2010, when the deliberately fragmented ghetto that is the US equity markets almost melted down and the daily business of HFT. The former is discussed in an important 2011 paper by Ananth Madhavan of BlackRock, Inc. Unfortunately, as the title of his book confirms, Lewis combines the two issues together into an often confusing narrative that is almost impossible for laymen to understand.
The abusive aspect of HFT which Lewis rightly identifies is not so much about the speed of the trading but rather always being first in line. If you think of the current market price of a stock, a couple of years ago, the trader using HFT used to sit just above and below the current market price, and sought to execute quickly when the market price either went up or down.Read more ›
Most Recent Customer Reviews
Michael tackeled one of the most complex and difficult subjects imagPublished 15 hours ago by larry f
I have long suspected that program trading was not in the best interest of small investors or the economy, but this book spells out why, chapter and verse.Published 4 days ago by Amazon Customer
Michael Lewis is once again able to write about a complex topic that is easy for the layman to understand. Read morePublished 7 days ago by Danny
I enjoy Michael Lewis as a writer, he is candid without being verbose or pedestrian. But Flash Boys doesn't tell the entire story. Read morePublished 8 days ago by Ev Nucci
Hard to follow and poorly written by someone who keeps writing books about Wall Street and doesn't know anything about Wall St.Published 10 days ago by Amazon Customer
Like most of Lewis' books it is a beautifully-written story of heroes battling against the system, but he has further polished his method of making a complex issue understandable... Read morePublished 12 days ago by Gustav Derkits
This will probably make your blood boil a little bit. While I'm not worried about losing a few pennies here and there it was a fascinating story nonetheless. Read morePublished 14 days ago by Danny Diaz
Great material and story about the good guys trying to fight a behemoth of a problem that's seems to be the legal version of what the dudes in office space tried to accomplish-only... Read morePublished 16 days ago by Robert P
I love Michael Lewis! The book was great (or at least the latter parts of the book). I bought the audio book new and it was still in the plastic wrap. Read morePublished 16 days ago by Michael J. Sievers