Broken Markets Upplaga 1

Read this book before you invest a penny in the stock market. Mark Cuban, Owner, Dallas Mavericks In one of the most memorable scenes in motion picture history, before giving him the  red pill, Morpheus says to Neo, Youre here because you know something. What you know, you cant explain, but you feel it. Youve felt it your entire lifethat theres something wrong with the world. You dont know what it is, but its there, like a splinter in your mind, driving you mad. Although Arnuk and Saluzzi will not expose every dark corner of the matrix that our capital markets have become, they will provide the clues to aid you in your quest to understanding  just why more people withdraw from trading fully aware that theres something wrong.  Morpheus also asks, Do you want to know what it is? To all who answer yes  and take the red pill, read this book. Tyler Durden, Zero Hedge Markets now trade at the speed of light, apparently benefiting Wall Street ultra-short-term traders over long-term investors and causing more than a few flash crashes along the way. Arnuk and Saluzzi intuitively piece together how High Frequency Trading, for-profit exchanges, fragmentation, regulatory changes, and a need for speed over the past 20 years have  dramatically shifted benefits from investors to short-term traders in our increasingly fragile  markets. A must read for anyone concerned about investors, trading, and  the long-term health of U.S. stock markets. Professor Michael Goldstein, Professor, Finance, Babson College Arnuk and Saluzzi are the Woodward and Bernstein of the securities markets.  Their gutsy, dogged sleuthing exposed the perverse market effects of robotic trading  and predicted an event like the Flash Crash 2010, long before blinkered market regulators had a clue. The two crusaders deserve a medal for looking out for investors. Jim McTague, Washington Editor, Barrons Who broke the stock market? The NYSE and NASDAQ, thats who. They sold the investing public down the river so colocated algo driven servers of  high frequency traders could steal billions by front running grandmas mutual fund.  The horrific truth about this legalized theft is all here in black and white.  Read it, and you will never so much as invest one thin dime in U.S. equities again. Barry Ritholtz, CEO, FusionIQ; Author, Bailout Nation and  The Big Picture website; Bloomberg personality The authors explain in wonderfully clear language how, instead of banning card counters as they do in Vegas, Wall Street has remade itself to not only stack the deck in the card counters favor, but to enable them to do so via ever-faster computer networks and algorithms, that leave not only ordinary investors but many sizable institutions, like pension funds, with worse odds than on a lottery ticket. Theres more, much more, in Arnuk and ...