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Flash Boys de Michael Lewis
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Flash Boys (2014 original; edició 2014)

de Michael Lewis (Autor)

MembresRessenyesPopularitatValoració mitjanaMencions
1,683587,756 (4.07)21
In this book the author argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets. A report on a high-tech predator stalking the equity markets, this book 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, they 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 are 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 author shines a light into the darkest corners of the financial world, where anyone in contact with the market, even a retirement account, is part of the story. But in the end, this is the story of 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.… (més)
Membre:nasmithsonian
Títol:Flash Boys
Autors:Michael Lewis (Autor)
Informació:Allen Lane (2014), 274 pages
Col·leccions:La teva biblioteca
Valoració:
Etiquetes:No n'hi ha cap

Detalls de l'obra

Flash Boys: A Wall Street Revolt de Michael Lewis (2014)

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Es mostren 1-5 de 58 (següent | mostra-les totes)
I picked this book up at my local library and it's one I have been wanting to read for a little while. I have read some of Michael Lewis' other books, specifically, Boomerang, The Blind Side and The Big Short. I found every book to be very well written and I have enjoyed his work immensely. I particularly liked the way that he mades seemingly tricky financial concepts easy to understand in The Big Short and I think that he has a particular talent when it comes to financial exposes. The subject matter was relatively new to me because although I understood the basics behind HFT (high frequency trading) I didn't understand the technology behind it or the fact that it has been going on unchecked and abused for a long time now.

Lewis has a knack of basing his books around one or two important, but fringe characters behind the subject at hand and then bringing the whole story together. In this case he starts off with the infrastructure that is required in HFT, namely fibre optic cables and the paths they follow. It turns out that the person who has the shortest cable run to the exchange has an advantage over everyone else in the zero-sum game that is the stock market. When speed is of the essence, the weak point in the chain is the slowest, and that weak point is the human. So take the human out of the equation and have machines do all the trading as they can react faster than any man. This leads the stock market floor traders to be replaced with the latest computer programmers and mathematicians who write extremely complex algorithms which lay down the rules of how and when to trade. This hidden world opens up a whole avenue of abuse open to those who want to take advantage of it and the pigs are face deep in the trough.

The book also goes on to detail how the market could be made fair and how one group of people set out to do just that. They created an exchange in which no one had a speed advantage and no one was given extra or early information hidden to everyone else. Although the uptake in this exchange was initially quite slow, over time, more and more banks started to use it which results in more protection and less risk for both them and their investment customers. Lewis also talks about other shady practices such as the use of dark pools and how unscrupulous traders are not getting the best price available for their clients, a clear breach of regulations.

This was another very well written and entertaining book from Michael Lewis. ( )
  Brian. | Jul 25, 2021 |
It was ok. Not one of Michael Lewis' better books. Wasn't invested in the plot or characters. ( )
  Zach-Rigo | Jun 28, 2021 |
If you ever listened to the Radiolab episode about high frequency trading, you should give this a listen. Lewis goes into much more detail on the same subject, including the concept of "dark pools" which I was unaware of. It's crazy how differeny things are from when I learned about the stock market in high school, but this one does an entertaining job of explaining why. ( )
  adamfortuna | May 28, 2021 |
I usually love Lewis's books, but this one started to drag. The extensive explanations of how data has to travel and the esoteric details of laying fiber optic cable were not enough to hold my interest. A rare miss. ( )
  reenum | Dec 27, 2020 |
Nuevo libro de Michael Lewis [ML], que ha levantado algunas olas en los EE.UU. En él relata (principalmente) la historia de Brad Katsuyama, un trader de RBC (Royal Bank of Canada) que detecta algo raro en los mercados de acciones americanos (las acciones que intenta comprar o vender parecen desvanecerse en el momento que pulsa su botón de compra/venta, por lo que toda operación le cuesta más dinero del que preveía) y empieza a tirar del hilo hasta llegar a descubrir un estado de las cosas que, aun siendo legal, pone en clara desventaja a cualquier operador de acciones frente a las empresas de trading de alta frecuencia (HFT, High Frequency Trading). El libro, como todo lo de ML, está muy bien escrito, es claro, conciso, interesante e informativo. Tras su aparición incluso la SEC (Securities Exchange Comission) americana, el equivalente de nuestra CNMV, ha iniciado una investigación, que como todas las demás servirá para poco.

La aventura que narra el libro es impresionante, y a poco interés que tenga el lector en los mercados financieros se convierte en un thriller apasionante, con la diferencia de que narra hechos reales. Muy interesante. ( )
  Remocpi | Apr 22, 2020 |
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(Introduction) I suppose this book started when I first heard the story of Sergey Aleynikof, the Russian computer programmer who had worked for Goldman Sachs and then, in the summer of 2009, after he'd quit his job, was arrested by the FBI and charged by the United States government with stealing Goldman Sachs's computer code.
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In this book the author argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets. A report on a high-tech predator stalking the equity markets, this book 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, they 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 are 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 author shines a light into the darkest corners of the financial world, where anyone in contact with the market, even a retirement account, is part of the story. But in the end, this is the story of 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.

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