Book Cover

Before casting aspersions on a lot of good people, I wish Lewis had pondered the implications if he were wrong about his theory. What if the broad industry consensus, that high-frequency trading has benefitted everyone who invests in the markets, is right? What if, instead of perpetrating a vast conspiracy of thievery, these people instead had dramatically reduced trading costs and thus significantly increased the size of our retirement accounts? What if they had applied their considerable smarts to squeezing out inefficiencies in the markets, thereby rebating hundreds of millions of dollars to investors every day?

Please read my review of Flash Boys: A Wall Street Revolt.

# Review

This book is like an antidote to Michael Lewis' Flash Boys. Kováč patiently and methodically dismantles all of Lewis' misconceptions and mistakes. The tone is professional but sardonic, making for not only an informative, but also entertaining read. The author is actually an expert in the field of HFT and provides ample evidence behind his insights and statements; for instance, Kováč walks the reader through his calculations (using quantitative data from reputable academic research) and he also draws from his personal experiences in the industry.

What I really enjoyed about the book is how thorough Kováč is in rebutting Lewis' claims; there were multiple instances where Kováč eviscerated Lewis' arguments at multiple levels, while giving Lewis the benefit of the doubt. I also liked how Kováč identified the (few) parts where Lewis was correct and expanded upon those parts with more details.

# Conclusion

A well-written book dismantling an unproven conspiracy theory.

# Overall rating: 8.1

What does the rating mean?