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Rekenthaler Report

What David Swensen Didn’t Write About Stock Trading Spreads

His New York Times editorial was correct—as far as it went.


Bad Eggs
My initial take on Michael Lewis’s 2014 best-seller, "Flash Boys," was respectful but skeptical.

Lewis, of course, is the leading chronicler of financial shenanigans, possessing deep subject knowledge along with his ability to spin a yarn. Clearly, Lewis had done his homework; he understood that book’s arcane topic, high-frequency traders. Using data that other investors do not receive, and technology that they do not possess, HFTs flit like mosquitoes, alighting to sip from other parties’ trades, then darting away before being seen.

John Rekenthaler does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.