I was telling a hedgie friend of mine a couple of years ago—a market neutral small cap guy—about the incredible track records being racked up by HFT shops—not a down day in a quarter, etc., changing the bid and offer every nanosecond in a dance like snake and mongoose, and he said:
“That’s a tax.”
Which it is—so why not a transactions tax? All the arguments against it are self-serving garbage, IMHO.
See previous post High frequency bloodscukers.
No comments:
Post a Comment