Michael Lewis is so intelligent. The interviewers are just human props to make it look like there's "another side" to this discussion. Michael Lewis is able to, with surgical accuracy, unpack, highlight fallacies, and completely dismantle everything that the interviewers attempts to throw at him. This is a masterclass in how to be interviewed on TV when presenting a sensitive subject.
Journalists are always supposed to give a contrarian viewpoint. I don't necessarily think there's something nefarious about it. I do think that segments like this aren't shown very often because their sponsors don't want the truth to be known.
Michael Lewis is a clown. Mike Stathis from AVA Research exposed him as a clown. Mike Stathis is the only one in Wallstreet who wrote in paper in 2006 recommending to short Fannie Mae and Freedie prior to their 2008 collapse. Nobody did that, not even false idol Michael Burry. Mike Stathis is the real deal, not these clowns like Michael Burry, Kyle Bass and others.
To be fair, reporters are always supposed to present contrarian viewpoints. He's likely just doing his job. I doubt he's paid off by the big banks or at least I hope he's not.
@@rs72098 I think the point is why is the reporter's automatic assessment of the status-quo a fair system. Instead of being smack in the middle, he's arguing for the other side. And it's not to say the reporter's being paid off, but rather he's indoctrinated by the system!
"Close your mouth and agree with me. I'm a famous author, and if you keep playing Devil's Advocate I'm going to go Alex Jones conspiracy theory on you."
the reporters are either really slow or intentionally trying to blur the issue. He did a fabulous job of re-clarifying. now I'm very suspicious of bloomberg.
Yes never trust bloomberg he is an inside trader and real carpet bagger. As mayor he bought taxi medallions with not only inside info but direct influence. Aided Uber into NYC as a FRONT RUNNER INESTOR in UBER!
I kind of agree with this. If what the book describes is true and I think it is from my experience inside wall st. tech. you cannot say the market was not rigged.
Nonsense, I'd say the opposite is true. You should have the mindset of someone who doesn't know yet to inform the audience who watches the interview to determine if they want to get the book. Otherwise you won't ask things that are in the book and those who haven't read it won't find out
This is hilarious. The guy is making a very distinct argument about HFT. The interviewers argue everything except what he's talking about. Then they title it "Nobody Understand the Stock Market."
+Psalm One I would say to buy a small amount of stock during recessions and do all of the above while containing costs (#1 is drive a cheap reliable small car).
they put a female in, because people tune in when there is a female; it's like how networks put female correspondence in football lockerooms and on the court during basketball games, coaches and players are forced to talk with these bimbos
That women had no fucking idea what he was talking about. Just kept arguing without any idea. Guy said he like what technology had brought and then she asks if he didn't. She literally brought 0 value to the conversation and then heavily detracted from it. Get a real employee Bloomberg.
People will never believe what they dont want to believe. This made me appreciate Michael Lewis SO much more. And how he raises his voice to shut out the terribly arrogant Bloomberg interviewers. Thank you, sir
And it's amazing that people believe things just because they read them if it's important to a person, than that person should do in depth research on the subject so few people actually do research on things
It goes beyond concern for job security in this country. Nothing about America makes any sense at all if the 'stock market' isn't fair. We need to believe there's a reason why we're in this much pain.
Why? Because it's their job and therefore their livelihood. Hard for anyone to vocalize that, but deep down, they know it's true. Corruption is insidious.
lars orloff either that or they were flabbergasted by this incredibly aggressive guest attacking a host who literally hadnt said anything yet. Also, it is the hosts job to question and probe so viewers, who are not experts, get the full story.
Michael Lewis does a great job in this interview. The idiot interviewers interrupt him and try to mix his words. C'mon Bloomeberg! Respect Lewis he knows what he's talking and writing about.
Michael Lewis is truly a fantastic writer. He took two things I have absolutely no interest in, Baseball and statistics and made it into a page turner. I'm currently half way through "The Big Short" and yet again he's got me hooked on subprime mortgage bonds. Insane!
No he is not, he is a media shill and a clown. Michael Lewis portrayal of Michael Burry as the predictor of the 2008 collapse is demonstrably incorrect. Not only did Michael Burry NOT predict the housing market, Burry hasn't done well since 2008 apparently. Also, Michael Burry made a trade, which is NOT predicting the housing collapse. The only person to do that was Mike Stathis; he wrote about how the whole thing was going to collapse. Furthermore, Stathis wrote about this in 2006. Not to mention he recommended to buy in the exact bottom in 2009.
God I love the way Michael Lewis gets in the face of that pansy assed interviewer and says, "WHY ARE YOU SO INVESTED IN THE IDEA THAT THIS IS FAIR???" And the two interviewers just get tongue tied and stammer. This is what it looks like when talking heads meet a real journalist.
To be fair it's their livelihood on the line here the idea the market is fair is the reason financial analysis journalism exists he is telling to their face there's no reason for their network to exist any human being would have a hard time gasping that
Michael Lewis is really smart, mixed with over two decades of hands-on experience, and association with the most knowledgeable participants both on and off Wall Street. These reporters (?) appear comatose. Clearly have not read the book, nor do they understand Michael's argument.
"In order to front run, you have to have a client". This shows how totally clueless these TV prop hosts are, completely unaware, or worse, misdirecting viewers from the truth intentionally.
Not gonna lie, if I was in Michael Lewis, I would probably been dumbfounded and have no idea how to response. That's a fucking stupid unrelated counter argument by the interviewer.
The hosts should be embarrassed with their performance. Michael Lewis is shining a light on Wall Streets shenanigans and their greed , while both hosts are showing their biased allegiance towards Bloomberg and their big Wall Street donors
Patrick J Tierney Bingo! They are paid to promote the toxic practices of a corrupt and rigged system designed to defraud the masses. He is a threat to their very grotesque existence and they squirm like the vile rats they are.
3:41 "In order to front-run, you have to have a client." I am sorry for Michael for having to go through this interview with these uneducated cringe-worthy hosts. "Front running, also known as tailgating, is the prohibited practice of entering into an equity (stock) trade, option, futures contract, derivative, or security-based swap to capitalize on advance, nonpublic knowledge of a large pending transaction that will influence the price of the underlying security." From Wikipedia. Now try to find where this sentence says that you need to have a client to front-run someone. I really can't believe this. Bloomberg, you are a joke. Find some people who know about the subject before interviewing someone like Michael Lewis. How you can afford to make yourselves look that bad is beyond me.
It is assumed the person has a client because they do it themselves first and then others do it. So usually the others are your own client that you recommend this to.
Which part of this is so difficult to understand? I (HFT) sees your order and went ahead to buy off that order. Now you as the original buyer of the stocks is my cx and I'm charging you a higher price for this same stock you saw 2ms ago
I definatly agree, very frustrating to hear what the man trys to say when these two kept stopping h9m by talking over him....it makes it look to me that stopping him is their intent imo Laurie
Because Bloomberg has a horse in the race. I can imagine the producer shouting through their earpieces, "Interrupt him! Ask tangential questions! He's pulling the curtain away! Stop him!"
I was a stock broker in 1975 in Dallas TX. The New York traders always knew first what was happening and only after they had traded out of their positions at a profit and the losses were all over the place did we know what happened in Dallas.
2:46 * Casino = Stock Exhange * Poker players = High Frequency Traders * Tour group operators = Banks and the brokers that handle stock market orders. * Tourists = You
i bought a stock. immediately stock went down in price...I sold it..immediately stock went back up. I had this occur 3 separate occasions without fail. i pulled my money
@@kman4thewin865 Please do It's safe etc why ? The market works on the feds cycle Cutting rates feds inflating the economy Raising rates deflating Remember at the start of the cycle people gradually become confident take on more debts , then the debts becomes too burdensome, people cut down on buying. rates are rising Recession Current June 2019 it's a quandary Feds speaking of cutting rates mid way We see of it expands the stick market a bit more
A now years later we know everything he said is true and the talking heads have no idea even the questions to ask. Stupid press is the biggest problem we face today.
In order to fully understand the stock market, which is highly related to finance, one would need top notch education/qualification, such as a CFA, MBA or Ph.D in finance from a top rated global business school. Born as a gifted finance genius is another way to fully understand the stock market. Being able to translate this knowledge into money is another story.
I single handedly control the market. If I buy the price goes down immediately after , if I sell the price goes up immediately after. If I buy and sell it will stay the same so I CANNOT profit. What you should do is buy and hold for a few years , it throws off the algorithms, eventually the system gives up the profit it was supposed to make off you , and eventually it goes up so the big dawgs can make plays.
1. Make a list of everyone who strongly disagrees with this guy. 2. Jail them all and seize their ill gotten gains. 3. Use 1 per cent of those recovered funds to pay for their lifetime needs in jail.
This thread of comments is so much better than the interview. I love how erik tells mike that he read the book but still misunderstood all of the bad stuff being done by the brokers. He then says that mutual funds lose money, and implies they deserve to lose more money. Bloomberg wants it's viewers to lose money and lack understanding. We need more financial sources not CNBC or Bloomberg. That's why generation is buying BTC over stock. Can't dilute Bitcoin at the command of a CEO
When I used to put stock order trades out, I used to put my real limit order trade on the market and then quickly put a very large limit order trade on the other side, which was 10-20% from the market price...then move it slightly closer to the market price, until my real trade was completely picked up. My real trade would get taken quickly by the market-maker computers, because they also saw the huge demand from my other big-order-bait, then I'd simply cancel the other bigger order. You can manipulate the market maker algorithms with really large orders that are somewhat far away from the market price.
of course the interviewers are invested in the idea that things aren't rigged, because the idea that the markets are fair are directly tied to their income and success working as commentators at bloomberg.
The way to win in the market is to set the price you want to pay, or sell at. Market trades seldom work in your favor. Know when to walk away, when you have made a reasonable few dollars, and can keep a profit. Remember the old Wall Street axiom: Bulls make money, bears make money, pigs get slaughtered.
both the interviewers are nonsensical and ask Michael questions for the ask of asking questions without any knowledge of HFT nor are they interested in listening to what michael says. dumb...
Both parties are wrong but Lewis is very close to right. No single trader is being lied to. He knows the environment he's in and the market is way too large to punish him in isolation. He loses because it's his fault. The market is just a never ending opportunity stream, where large entities win.
shes gettting frustrated with explaining herself because she doesnt understand the topic and hence has no idea on her own lline of questioning. Which is why shes getting emotional. Worst traders are the emotional ones, then again i dont think she has ever made a trader in her life. ludicrous reporting.
If one needs a Phd in physics to understand some of products offered in Wall Street, like derivatives for instance, that means 99% of investors are being fleeced.
The Market is not a Casino...Casino's are highly regulated and enforced...the Market is highly regulated and UNENFORCED...The Market is RIGGED...much worse than a Casino...
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
My CFA Julianne Iwersen Niemann a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Use a limit order. Makes no difference if someonee thonks they know what your going to bet on. You want a specific price. And if your lucky the hfts will be active and if they happen to be dropping the stock you want, you'll get a better price than you iriginally wanted.
It is possible to make money in the market. Some have a built in advantage but think of it more like you and someone else running from a bear. You do not have to be able to outrun the bear. That is not possible, BUT to "win" you only have to outrun your companion!!
The two Bloomberg hosts want to argue with the author. It is a complex issue that does effect all market participants, both little and big. You can never put in a market order on a buy or sell, the HFT boys will in get between your order and scalp you. Happens today all the time. Put in a limit order and be patient, but remember they can see all your orders. Some of their activity such as putting out "spoof" orders to detect interest should not be allowed or taxed. HFT activity creates a toll for transactions in the stock market. And the toll is the HFT's profit.
I have placed orders for low volume stock and watched the asking price/spread to go up a tick each time I raise my limit a tick. Then retreat as soon as I remove the order. Its totally rigged and unregulated.
The hosts of this show really are very unwilling to talk about whether the market is rigged or not. That is because Bloomberg does not want to get its main advertisers who are accused of doing the rigging to get mad and stop advertising on Bloomberg. Also Bloomberg does not want people to think that their information service is somehow being rigged or that the information on their machine might not be enough for their subscribers to overcome the rigging.
"There are 2 types of traders, professionals and amateurs, The amateurs provide the money." I lost my entire inheritance trading ,,,, like an idiot. But that thing about sensing the market knew what I was about to sell or buy came to me independently of Mr Lewis. Also, I came into my inheritance during the crash. I'd be in a stock and it tanked right away and kept tanking until I just got scared enough to get out before I lost a lot more. Then it turned around. I lost 45K in Apple alone in a couple days had I stayed to this day I'd be a millionaire. Never again with the stock market. I'm still a little skeptical. How can HFT tell that my order, out of the millions, is the one to target? There must be just due to numbers orders that ride with HFT orders, mirroring them. HFT isn't "investing" its huckstering and if there were any justice it'd be disallowed on principle. The object is investing and if liquidity is the goal then there wasn't any legitimate business related liquidity in the first place.
We invite a guy who knows his thing and we will give him those "wtf are you talking about?" looks every time he says something inconvenient to the narrative we are pushing. Hey, it is no big deal we only have a small audience of millions who will trust a name like Bloomberg with financial information. No harm done :D
This seems to be a common theme in American interviews. You invite someone onto the show because they are an expert on something, then you get an interviewer who is by definition is not as well informed about the topic (or in this case two interviewers), then you get the interviewer to berate and talk over the expert without listening to them. Why should I give a damn whether that nobody in the grey suit disagrees with Michael Lewis? You could see the incredulity on Lewis' face... "why are you so invested in the idea that this is fair?" He has to insist that they stop talking and let him answer the question, then when he finishes, the next thing the interviewers say shows they weren't listening ("you're putting white hats on institutional investors", or "And you don't feel good about [electronic brokerage, which he just said was a good thing]")
I invest in the market - over 30 years - I would encourage people to invest long term. Is Lewis correct ? Absolutely- 100 percent. You get fleeced at first with trades - best to go with index funds , and some blue chip long term stocks. Great book.
Easy for someone that got in 30 years ago. Tough for young adults that grew up in 08 to now when inflation and housing costs are rampant. Market needs major reform and these financial terrorists have to be jailed.
Lewis did a nice job explaining. Even more impressive was his patience with the hosts .. Why are these guys standing up for a rigged system? Don't you like to see someone with the knowledge come forward?
At the end when she says, that today she wonders why a share gets jacked when she fills a buy order, but compared to the 90s when she had to pay someone the fee was higher then today, so its okay for her to pay a fraction of a cent per share more, but at higher volumes and over time that is a significant amount, take Renaissance for example, nobody can tell me that a somewhat 80 percent annual return rate is something that is achievable by using ethical methods. I cant describe how that comment makes me feel. It just makes me drop my jaw. I wish someone would grant me the right to establish my own tax that collects a fraction of a cent on every good purchased, I bet people would not be happy.
Mathematician Von Neumann(one of the brilliant minds) contributed a lot to Game Theory, Stability Analysis and some other things. All gambling places use theories that are built to profit themselves and not the customers/traders/investors. It is so obvious that its rigged.
It was John Von Neumann and Oskar Morgenstern who wrote those gems of economic theory. However, they don't apply here. The market is not only rigged but non-mathematical. Fortunes are made by industrial espionage, not numerical analysis. Regards
Markets are not rigged it’s just big players making big moves there for the market moves n your supposed to piggyback off of those big move to make money other wise there would be no money to be made.
Ladies, gentlemen, thank you for coming, please take your seats. I’m mr. Buttworth. Welcome to Missing The Point 101. If you think you’re in the wrong classroom, you’re in the right classroom.
And that is why the best thing average Joe can do is buy Vanguards VUSD’s... there is no point in trying to beat the owners of the Casino or paying fees to investment bankers who don’t have a say in the game
Michael Lewis is so intelligent. The interviewers are just human props to make it look like there's "another side" to this discussion. Michael Lewis is able to, with surgical accuracy, unpack, highlight fallacies, and completely dismantle everything that the interviewers attempts to throw at him. This is a masterclass in how to be interviewed on TV when presenting a sensitive subject.
Journalists are always supposed to give a contrarian viewpoint. I don't necessarily think there's something nefarious about it. I do think that segments like this aren't shown very often because their sponsors don't want the truth to be known.
Michael Lewis is a clown. Mike Stathis from AVA Research exposed him as a clown. Mike Stathis is the only one in Wallstreet who wrote in paper in 2006 recommending to short Fannie Mae and Freedie prior to their 2008 collapse. Nobody did that, not even false idol Michael Burry. Mike Stathis is the real deal, not these clowns like Michael Burry, Kyle Bass and others.
@@rs72098 I'd have to agree with you
Great post!
They’re part of the system. That’s why they defend it.
"Why are you so invested in the idea this is fair?" - i love this
To be fair, reporters are always supposed to present contrarian viewpoints. He's likely just doing his job. I doubt he's paid off by the big banks or at least I hope he's not.
I died laughing when he said that.
@@rs72098 I think the point is why is the reporter's automatic assessment of the status-quo a fair system. Instead of being smack in the middle, he's arguing for the other side. And it's not to say the reporter's being paid off, but rather he's indoctrinated by the system!
The reporter's reply was better.
"Close your mouth and agree with me. I'm a famous author, and if you keep playing Devil's Advocate I'm going to go Alex Jones conspiracy theory on you."
the reporters are either really slow or intentionally trying to blur the issue. He did a fabulous job of re-clarifying. now I'm very suspicious of bloomberg.
The fact you weren't suspicious of Bloomberg before astounds me. Just incredible. Welcome to Earth. You must have had a long trip.
Yes never trust bloomberg he is an inside trader and real carpet bagger. As mayor he bought taxi medallions with not only inside info but direct influence. Aided Uber into NYC as a FRONT RUNNER INESTOR in UBER!
Yes agreed. How could they be SO bad at their job and know nothing at all when trying to ask questions
now ur are suspicious of bloomberg noww!! lol
TRUE THAT BRO! HENCE, 99% SUBSCRIBERS ARE ROBOTS OR AI BOTS OF 'ALIEN' CALLED 'SUCKERBERG'
You shouldn't have the right to interview an author if you haven't read the book.
I kind of agree with this. If what the book describes is true and I think it is from my experience inside wall st. tech. you cannot say the market was not rigged.
Jason, don't make fun....they can't read. Lol
You are asking too much from interviewers.
No authors would ever get interviewed then lol
Nonsense, I'd say the opposite is true. You should have the mindset of someone who doesn't know yet to inform the audience who watches the interview to determine if they want to get the book. Otherwise you won't ask things that are in the book and those who haven't read it won't find out
This is hilarious. The guy is making a very distinct argument about HFT. The interviewers argue everything except what he's talking about. Then they title it "Nobody Understand the Stock Market."
+Tony Schulz The title should be, "We don't understand the stock market".
+Psalm One I would say to buy a small amount of stock during recessions and do all of the above while containing costs (#1 is drive a cheap reliable small car).
I first heard about these maybe 10, 13 years ago? It seems like an obvious bit of bullshit then. It still does.
they put a female in, because people tune in when there is a female; it's like how networks put female correspondence in football lockerooms and on the court during basketball games, coaches and players are forced to talk with these bimbos
That women had no fucking idea what he was talking about. Just kept arguing without any idea. Guy said he like what technology had brought and then she asks if he didn't. She literally brought 0 value to the conversation and then heavily detracted from it. Get a real employee Bloomberg.
People will never believe what they dont want to believe. This made me appreciate Michael Lewis SO much more. And how he raises his voice to shut out the terribly arrogant Bloomberg interviewers. Thank you, sir
So true
And it's amazing that people believe things just because they read them
if it's important to a person, than that person should do in depth research on the subject
so few people actually do research on things
"Why are you so invested in the idea that this is fair???"
"Because my network is totally based on the idea this is fair."
It goes beyond concern for job security in this country. Nothing about America makes any sense at all if the 'stock market' isn't fair. We need to believe there's a reason why we're in this much pain.
bribed*
Absolutly
@@lynxminx4 The stock market and everything else.
"why are you so invested in the idea that this is fair?""
and those two idiots just didn't know how to respond
Why? Because it's their job and therefore their livelihood. Hard for anyone to vocalize that, but deep down, they know it's true. Corruption is insidious.
They don't want to admit to themselves they are suckers.
lars orloff either that or they were flabbergasted by this incredibly aggressive guest attacking a host who literally hadnt said anything yet. Also, it is the hosts job to question and probe so viewers, who are not experts, get the full story.
Fuuuucckkk...
No they are just really stupid talking heads!
Has the system always been rigged? Yes... in different ways.
Lewis cleaned the floor with these two. Priceless.
Michael Lewis does a great job in this interview. The idiot interviewers interrupt him and try to mix his words. C'mon Bloomeberg! Respect Lewis he knows what he's talking and writing about.
bidbuytom davidbeinhorn
Lewis is the BEST non-fiction writer working in America today, by far.
John McPhee is THE best, he may have retired-, but yes. M.L. is also the best interview on radio or t.v.-
And gladwell
@@nickgoehring8159 SMH! I LOVE when those two get together and talk. No comparison. Thank you for bringing up Gladwell.
Michael Lewis is truly a fantastic writer. He took two things I have absolutely no interest in, Baseball and statistics and made it into a page turner. I'm currently half way through "The Big Short" and yet again he's got me hooked on subprime mortgage bonds. Insane!
No he is not, he is a media shill and a clown. Michael Lewis portrayal of Michael Burry as the predictor of the 2008 collapse is demonstrably incorrect. Not only did Michael Burry NOT predict the housing market, Burry hasn't done well since 2008 apparently. Also, Michael Burry made a trade, which is NOT predicting the housing collapse. The only person to do that was Mike Stathis; he wrote about how the whole thing was going to collapse. Furthermore, Stathis wrote about this in 2006. Not to mention he recommended to buy in the exact bottom in 2009.
Why do they have reporters that have no idea about what they're reporting? can they really not find someone with at least some understanding?
+MemeThemeDisser ikr!!!!
+MemeThemeDisser The video is called "Nobody Understand the Stock Market"
+Joey Thomas so true, this made me laugh a little.
+MemeThemeDisser Ha Ha. It's Bloomberg, isn't it? That is the answer to why the talking heads are so uneducated.
+MemeThemeDisser Because if they knew what they were talking about, they'd be working in finance rather than reporting on it.
Michael Lewis is a King. A King who destroys these peasants that have Bloomberg in their earpiece saying, "Don't let him prove it is rigged!"
God I love the way Michael Lewis gets in the face of that pansy assed interviewer and says, "WHY ARE YOU SO INVESTED IN THE IDEA THAT THIS IS FAIR???" And the two interviewers just get tongue tied and stammer. This is what it looks like when talking heads meet a real journalist.
No they let him explain and talk. Maybe they didn’t understand, but most interviewers would cut him off and move on.
Argumentative "interviewers" putting in asinine and irrelevant points. When people who probably think they are "journalists" actually meet a real one.
To be fair it's their livelihood on the line here
the idea the market is fair is the reason financial analysis journalism exists
he is telling to their face there's no reason for their network to exist
any human being would have a hard time gasping that
apparently its these hosts that dont understand the stock market,,,
+Fang方, Zhou舟 “Joe” real easy to understand stock market?? buy low sell high. cliche i know,but also reality.
Michael Lewis is really smart, mixed with over two decades of hands-on experience, and association with the most knowledgeable participants both on and off Wall Street. These reporters (?) appear comatose. Clearly have not read the book, nor do they understand Michael's argument.
"In order to front run, you have to have a client". This shows how totally clueless these TV prop hosts are, completely unaware, or worse, misdirecting viewers from the truth intentionally.
+Japhy Goldman I'm going with intentional misdirection.
bloomberg is part of the fraud
Not gonna lie, if I was in Michael Lewis, I would probably been dumbfounded and have no idea how to response. That's a fucking stupid unrelated counter argument by the interviewer.
"Yeah, well, it is rigged" lmao boss response
Kudus to Bloomberg for letting interviews go long and letting guests talk.
These "hosts" are an absolute embarrassment. Do they even understand what "Flash Boys" is about?
Exactly, can't they see what is going on?
The hosts should be embarrassed with their performance.
Michael Lewis is shining a light on Wall Streets shenanigans and their greed , while both hosts are showing their biased allegiance towards Bloomberg and their big Wall Street donors
Patrick J Tierney Bingo! They are paid to promote the toxic practices of a corrupt and rigged system designed to defraud the masses. He is a threat to their very grotesque existence and they squirm like the vile rats they are.
true truth
Casino analogy is excellent... They skim a little off the top of every gamble!! Exactly what happens in equities and commodities.
Michael Lewis has been made fun of and questioned - when 2020 happened and the Robinhood incident - it proved him right.
I love how people who work in the industry argue that it's not rigged.
He works in News! News is the same industry
This is how robinhood makes money today without fees )))
My smart and caring financial professor recommended your earlier book "Liars Poker" to the class; and it's still my favorite must read book .
3:41 "In order to front-run, you have to have a client."
I am sorry for Michael for having to go through this interview with these uneducated cringe-worthy hosts.
"Front running, also known as tailgating, is the prohibited practice of entering into an equity (stock) trade, option, futures contract, derivative, or security-based swap to capitalize on advance, nonpublic knowledge of a large pending transaction that will influence the price of the underlying security."
From Wikipedia. Now try to find where this sentence says that you need to have a client to front-run someone.
I really can't believe this. Bloomberg, you are a joke. Find some people who know about the subject before interviewing someone like Michael Lewis. How you can afford to make yourselves look that bad is beyond me.
Why did U lose your composure in Japan over Conan or KarateKid2 fact?
In his defense, the author said front-run first.
It is assumed the person has a client because they do it themselves first and then others do it. So usually the others are your own client that you recommend this to.
Which part of this is so difficult to understand? I (HFT) sees your order and went ahead to buy off that order. Now you as the original buyer of the stocks is my cx and I'm charging you a higher price for this same stock you saw 2ms ago
in other words, insider trading
Totally agree with Michael Lewis.. Home day traders are the one who really get screwed over.
good god let the man speak. what these news people know about the stock market probably fits into a thimble!
I definatly agree, very frustrating to hear what the man trys to say when these two kept stopping h9m by talking over him....it makes it look to me that stopping him is their intent imo Laurie
"Rigged" may not be the best choice of words. But others having an advantage is absolutely true.
The host are so ignorant and bias. Why don’t they keep quiet and listen before they interrupt the guest?
Because Bloomberg has a horse in the race. I can imagine the producer shouting through their earpieces, "Interrupt him! Ask tangential questions! He's pulling the curtain away! Stop him!"
They should shut their pie holes and let the man speak. Listen and learn.
People who defend HFTs either don't get it, or make money off it.
or respect that they are smart enought to make money, and arent crying about it.
I defend HFTs and you are right.
@@habibbialikafe339thank you!!!
I watch Bloomberg and these comment below are right.. the hosts need to be quite(shut up). They get a high profile guest and interrupt him
Not correcting your spelling,but answering your apparent question. Do you mean "quiet"?
@@Adrian_Nel - It's the dysgraphia generation armed with an opinion and keyboard.
There is no 'apparent question' or otherwise.
sorry but he interrupted them way more, and in a kind of rude way as well
Thank you Michael. Now I can see what it’s like to talk to trees
Hardwood trees...
The trouble with the maples is that they're quite convinced they're right...
Wow these hosts. It's almost like they panic because there is some truth being broadcast on TV.
What?...the hosts were two Mongoloids in the latest stages of aphasia? LOL
You got it buddy
this is the best and most honest interview in a news room
It's fun watching the masses starting to wake up! Come on everybody! Coffees brewing!!!!!!
I was a stock broker in 1975 in Dallas TX. The New York traders always knew first what was happening and only after they had traded out of their positions at a profit and the losses were all over the place did we know what happened in Dallas.
Equities in Dallas?
It’s call latency today lol
lesson: Dont trade, only invest longterm = over 10 years
these hosts are totallly out of their minds haha..
2:46
* Casino = Stock Exhange
* Poker players = High Frequency Traders
* Tour group operators = Banks and the brokers that handle stock market orders.
* Tourists = You
i bought a stock.
immediately stock went down in price...I sold it..immediately stock went back up. I had this occur 3 separate occasions without fail. i pulled my money
Dude
Just wait till the market crash maybe in next
12 to 18 months
Then buy etc spy and qqq hold it for a decade then sell
@@robertmitchell8630 i hear that..i can do that!
@@kman4thewin865
Please do
It's safe etc why ?
The market works on the feds cycle
Cutting rates feds inflating the economy
Raising rates deflating
Remember at the start of the cycle people gradually become confident take on more debts , then the debts becomes too burdensome, people cut down on buying. rates are rising
Recession
Current June 2019 it's a quandary Feds speaking of cutting rates mid way
We see of it expands the stick market a bit more
Michael Lewis explains how high frequency traders are front running orders. The hosts irrationally avoid the front running issue.
A now years later we know everything he said is true and the talking heads have no idea even the questions to ask. Stupid press is the biggest problem we face today.
This aged like a prophecy!
In order to fully understand the stock market, which is highly related to finance, one would need top notch education/qualification, such as a CFA, MBA or Ph.D in finance from a top rated global business school. Born as a gifted finance genius is another way to fully understand the stock market. Being able to translate this knowledge into money is another story.
His books should be a requirement in every school
I single handedly control the market.
If I buy the price goes down immediately after , if I sell the price goes up immediately after.
If I buy and sell it will stay the same so I CANNOT profit.
What you should do is buy and hold for a few years , it throws off the algorithms, eventually the system gives up the profit it was supposed to make off you , and eventually it goes up so the big dawgs can make plays.
1. Make a list of everyone who strongly disagrees with this guy.
2. Jail them all and seize their ill gotten gains.
3. Use 1 per cent of those recovered funds to pay for their lifetime needs in jail.
This thread of comments is so much better than the interview. I love how erik tells mike that he read the book but still misunderstood all of the bad stuff being done by the brokers. He then says that mutual funds lose money, and implies they deserve to lose more money. Bloomberg wants it's viewers to lose money and lack understanding. We need more financial sources not CNBC or Bloomberg. That's why generation is buying BTC over stock. Can't dilute Bitcoin at the command of a CEO
When I used to put stock order trades out, I used to put my real limit order trade on the market and then quickly put a very large limit order trade on the other side, which was 10-20% from the market price...then move it slightly closer to the market price, until my real trade was completely picked up. My real trade would get taken quickly by the market-maker computers, because they also saw the huge demand from my other big-order-bait, then I'd simply cancel the other bigger order. You can manipulate the market maker algorithms with really large orders that are somewhat far away from the market price.
They do this too, regularly. It’s called spoofing.
of course the interviewers are invested in the idea that things aren't rigged, because the idea that the markets are fair are directly tied to their income and success working as commentators at bloomberg.
Why didn't he just conduct his own interview?
Conduct his own interview? Well, he could get two "dummies" and "throw his voice", like a ventriloquist.
Handy At Suggestions
The way to win in the market is to set the price you want to pay, or sell at. Market trades seldom work in your favor. Know when to walk away, when you have made a reasonable few dollars, and can keep a profit. Remember the old Wall Street axiom: Bulls make money, bears make money, pigs get slaughtered.
both the interviewers are nonsensical and ask Michael questions for the ask of asking questions without any knowledge of HFT nor are they interested in listening to what michael says. dumb...
Both parties are wrong but Lewis is very close to right. No single trader is being lied to. He knows the environment he's in and the market is way too large to punish him in isolation. He loses because it's his fault. The market is just a never ending opportunity stream, where large entities win.
shes gettting frustrated with explaining herself because she doesnt understand the topic and hence has no idea on her own lline of questioning. Which is why shes getting emotional. Worst traders are the emotional ones, then again i dont think she has ever made a trader in her life. ludicrous reporting.
You have my utmost respect Mr. Lewis for speaking out the truth. Where is the SEC?
If one needs a Phd in physics to understand some of products offered in Wall Street, like derivatives for instance, that means 99% of investors are being fleeced.
The Market is not a Casino...Casino's are highly regulated and enforced...the Market is highly regulated and UNENFORCED...The Market is RIGGED...much worse than a Casino...
the amount of triggering that ML can do to mainstream wall street people is like 90% of why I consider him credible
I respect Bloomberg for having shared this.
So annoying these interviewers aren't letting him talk.
If market goes down on Monday?
Should I buy SPXU short.
2008 $6000 per share.
Today $24.???
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA Julianne Iwersen Niemann a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Dont know why everyone is hating the hosts they argue very competently.
Use a limit order. Makes no difference if someonee thonks they know what your going to bet on. You want a specific price. And if your lucky the hfts will be active and if they happen to be dropping the stock you want, you'll get a better price than you iriginally wanted.
Ken Griffin be like - what are you talking about man? - there is nothing wrong we are doing at Citadel.
Algos front-run all the time!
If I enter a limit order, what's the problem? I get it or I don't.
Omg someone with a brain here! Thank you! Thank you!
It is possible to make money in the market. Some have a built in advantage but think of it more like you and someone else running from a bear. You do not have to be able to outrun the bear. That is not possible, BUT to "win" you only have to outrun your companion!!
He’s done all the research, and these two won’t let him finish a sentence.
Jack Bogle understood it.... RIP Jack x
Bloomberg hosts need to step up their game..
“How did that get jacked right in front of my face every time?”. Great question
The two Bloomberg hosts want to argue with the author. It is a complex issue that does effect all market participants, both little and big. You can never put in a market order on a buy or sell, the HFT boys will in get between your order and scalp you. Happens today all the time. Put in a limit order and be patient, but remember they can see all your orders. Some of their activity such as putting out "spoof" orders to detect interest should not be allowed or taxed. HFT activity creates a toll for transactions in the stock market. And the toll is the HFT's profit.
I have placed orders for low volume stock and watched the asking price/spread to go up a tick each time I raise my limit a tick. Then retreat as soon as I remove the order. Its totally rigged and unregulated.
Sounds like somebody understands the Stock Market. Cmon Bloomberg
The hosts seem to not get any of his arguments.
Bloomberg hosts are pretty biased against his argument.
The hosts of this show really are very unwilling to talk about whether the market is rigged or not. That is because Bloomberg does not want to get its main advertisers who are accused of doing the rigging to get mad and stop advertising on Bloomberg. Also Bloomberg does not want people to think that their information service is somehow being rigged or that the information on their machine might not be enough for their subscribers to overcome the rigging.
"There are 2 types of traders, professionals and amateurs, The amateurs provide the money."
I lost my entire inheritance trading ,,,, like an idiot. But that thing about sensing the market knew what I was about to sell or buy came to me independently of Mr Lewis. Also, I came into my inheritance during the crash. I'd be in a stock and it tanked right away and kept tanking until I just got scared enough to get out before I lost a lot more. Then it turned around. I lost 45K in Apple alone in a couple days had I stayed to this day I'd be a millionaire. Never again with the stock market. I'm still a little skeptical. How can HFT tell that my order, out of the millions, is the one to target? There must be just due to numbers orders that ride with HFT orders, mirroring them. HFT isn't "investing" its huckstering and if there were any justice it'd be disallowed on principle. The object is investing and if liquidity is the goal then there wasn't any legitimate business related liquidity in the first place.
Michael Lewis is 100% correct here.
omg can the reporters stop fucking interupting Micheal...
Why is selling your order information to a high frequency trader even allowed?
The interviewers don't seem to grasp what Michael is trying to say here....
We invite a guy who knows his thing and we will give him those "wtf are you talking about?" looks every time he says something inconvenient to the narrative we are pushing. Hey, it is no big deal we only have a small audience of millions who will trust a name like Bloomberg with financial information. No harm done :D
This seems to be a common theme in American interviews. You invite someone onto the show because they are an expert on something, then you get an interviewer who is by definition is not as well informed about the topic (or in this case two interviewers), then you get the interviewer to berate and talk over the expert without listening to them. Why should I give a damn whether that nobody in the grey suit disagrees with Michael Lewis? You could see the incredulity on Lewis' face... "why are you so invested in the idea that this is fair?" He has to insist that they stop talking and let him answer the question, then when he finishes, the next thing the interviewers say shows they weren't listening ("you're putting white hats on institutional investors", or "And you don't feel good about [electronic brokerage, which he just said was a good thing]")
I invest in the market - over 30 years - I would encourage people to invest long term. Is Lewis correct ? Absolutely- 100 percent. You get fleeced at first with trades - best to go with index funds , and some blue chip long term stocks. Great book.
Easy for someone that got in 30 years ago. Tough for young adults that grew up in 08 to now when inflation and housing costs are rampant. Market needs major reform and these financial terrorists have to be jailed.
Lewis did a nice job explaining. Even more impressive was his patience with the hosts .. Why are these guys standing up for a rigged system? Don't you like to see someone with the knowledge come forward?
At the end when she says, that today she wonders why a share gets jacked when she fills a buy order, but compared to the 90s when she had to pay someone the fee was higher then today, so its okay for her to pay a fraction of a cent per share more, but at higher volumes and over time that is a significant amount, take Renaissance for example, nobody can tell me that a somewhat 80 percent annual return rate is something that is achievable by using ethical methods. I cant describe how that comment makes me feel. It just makes me drop my jaw. I wish someone would grant me the right to establish my own tax that collects a fraction of a cent on every good purchased, I bet people would not be happy.
a random person off the street would have conducted a better interview
Agree at 100%
So, day trading index, is a wast of time and money?
Mathematician Von Neumann(one of the brilliant minds) contributed a lot to Game Theory, Stability Analysis and some other things. All gambling places use theories that are built to profit themselves and not the customers/traders/investors. It is so obvious that its rigged.
It was John Von Neumann and Oskar Morgenstern who wrote those gems of economic theory. However, they don't apply here. The market is not only rigged but non-mathematical. Fortunes are made by industrial espionage, not numerical analysis.
Regards
Markets are not rigged it’s just big players making big moves there for the market moves n your supposed to piggyback off of those big move to make money other wise there would be no money to be made.
That's because the stock market doesn't exist. It's a bunch of competing computer viruses running in some server rooms in NJ.
Ladies, gentlemen, thank you for coming, please take your seats. I’m mr. Buttworth. Welcome to Missing The Point 101. If you think you’re in the wrong classroom, you’re in the right classroom.
i dont have a stake. ARE YOUR KIDDING!!!!!!!
not even a nugget xD
And that is why the best thing average Joe can do is buy Vanguards VUSD’s... there is no point in trying to beat the owners of the Casino or paying fees to investment bankers who don’t have a say in the game