“It was neither healthy nor good when public stock exchanges introduced order types and speed advantages that high-frequency traders could use to exploit everyone else. This sort of inefficiency didn't vanish the moment it was spotted and acted upon. It was like a broken slot machine in the casino that pays off every time. It would keep paying off until someone said something about it; but no one who played the slot machine had any interest in pointing out that it was broken.”

Source: Flash Boys (2014), p. 233

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "It was neither healthy nor good when public stock exchanges introduced order types and speed advantages that high-frequ…" by Michael Lewis?

Michael Lewis40

American writer 1960

Related quotes

“People think I'm a gambler. I've never gambled in my life. To me, a gambler is someone who plays slot machines. I prefer to own slot machines. It's a very good business being the house.”

Donald J. Trump (1946) 45th President of the United States of America

Source: 1980s, Trump: The Art of the Deal (1987), p. 48

“If you're going to create, create a lot. Creativity is not like playing the slot machines, where failure to win means you go home broke. With creativity, if you don't win, you're usually no worse off than if you hadn't played.”

Scott Adams book The Joy of Work

Source: Books, The Joy of Work (1998)

“Socialists then shift the ground for taking industries into “public ownership”. They then tell us that some industries cannot survive any longer unless they are taken into public ownership, allegedly to protect the public from the effects of their collapse. It all sounds so cosy, and so democratic. But is it true? No, of course it isn't. The moment ownership passes into the name of the public is the moment the public ceases to have any ownership or accountability, and often the moment when it ceases to get what it wants. But it is invariably the moment when the public starts to pay. Pays to take the industry over. Pays the losses by higher taxes. Pays for inefficiencies in higher prices.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Speech to Finchley Conservatives (31 January 1976) http://www.margaretthatcher.org/document/102947 <br class="br">Leader of the Opposition

“The point is there's a boring homogenisation of popular culture, so really the problem is there's nothing wrong, the machine works too smoothly. I think the pop music machine is much more fun when it's broken. Things are always more fun when they're broken. No one was ever consulted about this. There was never a Senate committee to say we must produce pop music every day since 1953 or whatever. It's time to lay down the gauntlet.”

Luke Haines (1967) English musician and songwriter

http://uk.news.launch.yahoo.com/dyna/article.html?a=dotmusic_news/20674.html&e=l_news_dm

“Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market to another.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 50

“A young man with dark circles under his eyes was propping himself up against a penny-in-the-slot machine. An undertaker, passing at that moment, would have looked at this young man sharply, scenting business. So would a buzzard.”

P.G. Wodehouse book The Luck of the Bodkins

The Luck of the Bodkins (1935)

“Like Bancroft, MacIntyre had been a man of power, and like all men of power, when he talked of prices worth paying, you could be sure of one thing.
Someone else was paying.”

Richard K. Morgan book Altered Carbon

Source: Altered Carbon (2002), Chapter 16 (p. 217)

“The German army is a machine, and machines can be broken!”

Konstantin Rokossovsky (1896–1968) Soviet and Polish military commander

Quoted in "Current Biography" - Page 562 - by H.W. Wilson Company - 1945

“He feels like a handle broken off a jug,
but the jug doesn't know it's broken and keeps going to the well.”

Wisława Szymborska (1923–2012) Polish writer

"A Film from the Sixties"
Poems New and Collected (1998), No End of Fun (1967)

“Our old-fashioned system is better than any new-fangled voting machine. Not only is it guaranteed to work, but there is something I find appealing in putting a mark on a piece of paper for the candidate of your choice, as opposed to pulling a lever as if you were gambling on a slot machine in Las Vegas.”

Jean Chrétien (1934) 20th Prime Minister of Canada

Source: My Years As Prime Minister (2007), Chapter Twelve, No To War, p. 287

Help us to complete the source, original and additional information

Michael Lewis40

Related quotes

Related topics