The U.S. stock market is a rigged game where high-frequency traders with advanced computers make tens of billions of dollars by jumping in front of investors, according to author Michael Lewis, who spent the past year researching the topic for his new book “Flash Boys.”
While speed traders’ strategies, developed over the past decade with help from exchanges, are legal, “it’s just nuts” that they’re allowed, Lewis said during an interview televised Sunday on CBS Corp.’s “60 Minutes.” The tactics are too complicated for individual investors to understand, he said.
In the Star Trek television show series, the “Prime Directive” was a guiding principle for the United Federation of Planets. It was a kind of core focus, an idea that resided at the heart of everything.
The need to follow the Prime Directive — and not interfere with the development of less advanced civilizations — impacted all kinds of choices, large and small, made by fleet captains and their crews. It was woven through everything.
Either the Volcker Rule is making Wall Street's menu of investment choices so unbearably limited, or traditional assets are so overpriced Wall Street won't even touch them with other people's money, but when it comes to allocating capital the smartest conmen in the room are coming up with some truly unorthodox products. Such as investing in ex-convicts in the form of 2000 newly released prisoners.
Adidas picked Andy Murray over Novak Djokovic three years ago in what looked like a colossal mistake by the German sportswear company. But Murray's historic Olympic gold and U.S. Open double could launch him to the top of the sport.
Last Thursday evening, I sat down at a small Hold’em tournament in my neighborhood. The competition at this event is pretty strong – with a number of players making regular appearances at major circuit events.