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. 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.
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! Ten-year-old twins Marjory and Margaret MacDonald may be wealthy beyond most people's wildest dreams, but that doesn't mean that they don't like to have fun, just like other kids their age.
While attending the circus under the watchful eye of their personal bodyguard, Johnny Thompson, the twins fall victim to a seemingly random accident. Johnny sets off on a cross-country adventure to try to get to the bottom of the mystery. The classic warts-and-all portrait of the s financial scene. The s was the most outrageous and turbulent era in the financial market since the crash of '29, not only on Wall Street but around the world.
Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it.
The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
It seems like pretty much everybody — homeowners, students, those who are ill and without health insurance, and, of course, credit card holders — is up to their neck in debt that can never be repaid. The major banks are bigger and more profitable than before the crash, and legislators are all but powerless to bring them to heel. In this forceful, eye-opening survey, Andrew Ross contends that we are in the cruel grip of a creditocracy — where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs.
The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population.
Following in the ancient tradition of the jubilee, activists have had some success in repudiating the debts of developing countries. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs.
This complete summary of the ideas from Michael Lewis' book: "Flash Boys" explains the increase of high-frequency trading HFT in the US market and Dan Spivey's project to connect a data centre in Chicago to a stock exchange in northern New Jersey by fibre optic cable.
This summary points out the key ideas behind Lewis' book, such as the fact that speed has replaced the stability of the markets as the high-frequency traders' main objective.
Skip to content. Flash Boys. Author : Michael Lewis Publsiher : W. Flash Boys Book Review:. International Conference on Loss of Containment 1. By reading this summary, you will discover the secrets of high frequency trading and the world of finance in the United States. You will also be immersed in the story of Brad Katsuyama, who fought against the dishonest practices of the U.
You will also discover : how the financial markets evolved after the crisis; how time has become the most important resource for traders; that technology is now at the heart of stock markets; that some players in the financial markets are exploiting this technology for unfair purposes. The financial markets have evolved so much in recent years that it has become impossible to imagine them. If you ask someone to try, chances are they will describe men in suits busily staring at numbers on a ticker tape.
This could not be further from reality. Discover a representation of post-crisis Wall Street, between manipulations and new forms of financial intelligence. So, are you ready to dive into the heart of high-frequency trading, in pursuit of the new Wall Street wolves?
A former stock broker, Dan Spivey, researched the situation and discovered that most fiber optics buried between the two cities followed train tracks and major cities. The problem lay in the fact that this route was not straight, as was ideal for speed of communication, but made many twists and turns.
Spivey studied maps and found a route following small paved roads and dirt roads that were straighter. Spivey traveled the route with a construction man, looking for obstacles. They were unable to find any. 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. 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.
0コメント