Oct

20

To everyone who has apparently joined OWS and is complaining about HFT, please just write your congressmen asking for a transaction tax so that we can more effectively make the list poorer or be forced to become trend-followers. Sorry for the rudeness.. one is agitated.

Anatoly Veltman comments: 

Deeper than just HFT: combination of flexionism and HFT.

Economy needs capital market participation: momentum speculators and long-term value seekers. Participants became disenchanted due to above combination, feeling markets are rigged. We're in catch-22 now, where stock market only advances on money printing; then panics on realization.

The speculators of this List have always sought to compete in rich diverse environment, where they could do their work and outsmart crowds of amateurs or pseudo-professionals - within near-perfect zero-sum! Alas, the crowds have so totally dispersed. To be more precise: speculative money has left the traditional, "regulated" U.S. arenas. It currently resides elsewhere -where we are outsiders

John de Regt writes:

I've always been happy to play the game of buying low and selling high, having perhaps seen potential value not generally recognized.

My earlier reference to the big casino derives from my view that the proportion of fundamental investors to buyers and sellers with no interest in fundamental investing has changed. A great deal, perhaps too much (depending on your perspective…), of the buying and selling these days, hence market moves, has nothing to do with investment.


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