Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets.
Flash Boys 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, the flash boys 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 in Flash Boys are fabulous, 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 light that Lewis shines into the darkest corners of the financial world may not be good for your blood pressure, because if you have any contact with the market, even a retirement account, this story is happening to you. But in the end, Flash Boys is an uplifting read. Here are 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.
- 揭秘高频交易如何利用速度优势掠夺普通投资者
- 讲述Brad Katsuyama创立IEX交易所对抗不公的故事
- 剖析暗池交易与交易所规则背后的金融黑幕
- 对华尔街内幕、高频交易及金融市场运作感兴趣的读者
- 喜欢迈克尔·刘易斯叙事风格，偏爱非虚构财经故事的读者
- 关注投资公平性、想深入了解现代股市机制的普通投资者
- 本书侧重人物故事与宏观批判，高频交易技术细节较简略
- 作者对IEX持明显支持态度，阅读时需保持独立思考与批判
- 无需深厚金融背景，但需耐心理解毫秒级交易的时间概念
- 刘易斯讲故事能力极强，将枯燥金融题材写得如小说般精彩
- 揭露了市场不公令人愤怒，但也存在过度简化与偏向IEX之嫌
- 让外行也能看懂高频交易逻辑，是了解现代股市必读之作
本导读基于书籍简介、目录、原文摘录、短评和书评生成，不等同于全文精读。
- "A Russian writer named Masha Leder, ... thought of Serge as an exceptionally intellectually gifted but otherwise typical Russian Jewish computer programmer, for whom technical problems became an excuse not to engage with the messy world around him. "All of Serge's life was some kind of mirage," she "
- ""...Finance is a gambling game for people who enjoy gambling." He wasn't a gambler by nature. He preferred the deterministic world of programming to the pseudo-deterministic world of speculation, ..."
- "如果交易成本降低10%，那么交易量就会提高8%，上市公司的融资成本就会降低1.5%。此外竞争还可以减少买卖差价。 高频交易（HIGH-FREQUENCY TRADING），是投资银行、对冲基金和专业交易公司等利用高速计算机进行程序化证券交易的投资策略的总称，主要包括以下几种策略：流动回扣交易（Liquidity Rebate Trading）、猎物算法交易（Predatory Algorithmic Trading）、自动做市商交易（Automated Market Marker Trading,AMMS）、闪电订单（Flash Order）和暗池（Dark pool）等。"
- "暗池是新时代金融市场的又一流氓产物。大经销商经营的私人股票交易所无须将其内部发生的事情公之于众，他们会公示他们所执行的交易，但时间往往会延后，以至于交易时点上市场整体的真实情况根本不得而知。他们的内部规则完全就是个谜，只有经营者才能知道谁的买卖订单真正批准执行了。华尔街大银行给大投资者灌输了一个理念：透明是他们的公敌。 技术高超的高频交易员比其他交易员更早知道交易信息。交易所收了佣金，好歹会让买卖订单的相关信息真正大白于大众之前闪现不到一秒钟---闪单。"
- "要消除意外出现的可能性，并不是让生活波澜不惊，而是面对一切意外都让自己保持淡定。"
- "找出不适合我们团队的人，这些人描述自己经历的方式以及谈话的内容都显示出他们是自私自利、自命不凡的人。他们经常会说：我的成果应该得到更大的肯定，我别忽视了。他们想的全是关于他们自己的，他们非常在意根本不重要的头衔和其他一些东西。我试图了解他们怎么样和其他人合作。如果他们不懂某些东西，他们会怎么做？我想要的是渴望吸收知识的人。"
- "“慢市场套利”（slow market arbitrage）,这可能是使用最广的高频交易手法。高频交易者在交易所探知股票价格变动之后，在利用速度在另一个交易所反应过来之前进行买卖操作。比方说，保洁公司的股票市价为每股80-80.01美元，所有的交易所都有买卖双方。一个大卖家在纽交所将价格压到每股79.98-79.99美元，高频交易员就会在纽交所以每股79.99美元的价格购得股票，再赶到其他交易所反应过来之前将所有股票抛售。这种策略每天无时无刻不在发生，创造的收益要比其他策略加起来还要多。"
- "纽交所在莫瓦某个不知名的地方建了一个40万平方英尺的仓储场所用于放置其交易匹配系统，并准备将靠近系统的权限卖给高频交易公司。然而，在它放出这一消息后，高频交易公司纷纷在仓储场所附近买房置地，竭尽所能靠近匹配机器。"
