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Old 04-01-2014, 12:41 AM   Topic Starter
JohnnyV13 JohnnyV13 is offline
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The Wolf Hunters of Wall St. (Must read if you have stocks)
http://www.nytimes.com/2014/04/06/ma...ael-lewis.html

Moneyball writer Michael Lewis shows how Wall St. is a rigged game in favor of High Frequency Traders (HFTs).

This is a must read if you want to know what's happening to your money on the stock market.

I know it's long. But it's VERY MUCH WORTH IT.
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Old 04-01-2014, 07:59 AM   #2
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"The point is, ladies and gentlemen, that greed - for lack of a better word - is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms - greed for life, for money, for love, knowledge - has marked the upward surge of mankind."
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Old 04-01-2014, 08:00 AM   #3
DaKCMan AP DaKCMan AP is offline
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Limit order.
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Old 04-01-2014, 08:19 AM   #4
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Limit order.
Limit orders don't change the fact that all of your mutual fund holdings are getting skimmed anytime they put in an order.
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Old 04-01-2014, 08:05 AM   #5
Molitoth Molitoth is offline
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I watched the movie "Boiler Room" in high school and figured out that investing in Wall Street stocks was nothing I want to be involved with in any form.

I do not regret it at all.
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Old 04-01-2014, 08:11 AM   #6
DaKCMan AP DaKCMan AP is offline
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I watched the movie "Boiler Room" in high school and figured out that investing in Wall Street stocks was nothing I want to be involved with in any form.

I do not regret it at all.
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Old 04-01-2014, 08:15 AM   #7
Molitoth Molitoth is offline
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Why Funny?
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Old 04-01-2014, 08:20 AM   #8
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Why Funny?
Because Boiler Room is about penny stock scams. Most stocks are not penny stock scams.
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Old 04-01-2014, 08:22 AM   #9
Molitoth Molitoth is offline
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Because Boiler Room is about penny stock scams. Most stocks are not penny stock scams.
Well as an uneducated person in stocks, that movie still scared me away.
I'm fine with holding on to the money I've earned.
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Old 04-01-2014, 08:28 AM   #10
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I read the whole article and I must say its an Amazing story.

I am really Impressed that in such a world the little guy can make a difference.

I'll be honest I was kind of inspired
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Old 04-01-2014, 08:32 AM   #11
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The story was on 60 minutes on Sunday. Very interesting.
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Old 04-01-2014, 09:15 AM   #12
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The story was on 60 minutes on Sunday. Very interesting.
Yeah, I watched that as well.
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Old 04-01-2014, 10:04 AM   #13
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I'm a buy-and-holder and I rebalance maybe once every couple years.

So, I'm not impacted and I only care about this story from a moral standpoint that its probably not right and something probably should be done. Since I don't try to trade and compete against the big boys on a daily basis though, I'm not hurt by HFT's.
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Old 04-01-2014, 10:09 AM   #14
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I'm a buy-and-holder and I rebalance maybe once every couple years.

So, I'm not impacted and I only care about this story from a moral standpoint that its probably not right and something probably should be done. Since I don't try to trade and compete against the big boys on a daily basis though, I'm not hurt by HFT's.
Do you only hold individual stocks?

If you hold any type of mutual fund, then it does impact you. The turnover of the portfolio within the mutual fund is going to be impacted by HFT.

*Do what works for you, but you should probably revisit that rebalancing schedule. Quarterly is what we do on the product I manage.
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Old 04-01-2014, 09:27 AM   #15
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I read through that, that is very interesting. I think that they found an issue and corrected it, and props to them for that. However, the investigation didnt go far enough, and they kinda gloss over who was raking it in. Someone deep unknown in one of those trading houses, or the exchanges themselves have been raking it in for a long time.

Think about that, someone found and wrote a stock buying script/program that can identify orders placed in one exchange, and beat them to the next exchange to the buying. Surely someone can correlate 'who' bought the stock that they were looking for??

Surely they have a history of the trades they made prior to IEX, and it should be pretty easy (SEC?) to see that Company X bought 100million shares of Company Y at 08:13:01:159 and that Company Z bought 40million shares of Company Y at 08:13:01:100, surely Company Z is aware, or is the main culprit of the illicit gains. I wouldnt be suprised if it indeed was one of the Main houses (JP Goldmans/etc) and that they use the profits trading in that dark pool.

Very interesting
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