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Michael Lewis: Nobody Understands the Stock Market

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April 2 (Bloomberg) -- "Flash Boys: A Wall Street Revolt" Author Michael Lewis discusses his book, trading and the stock market on Bloomberg Television's "Market Makers." (Source: Bloomberg) -- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
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Text Comments (586)
Todd Andrew (1 hour ago)
Buy and hold.
fors2345 (19 hours ago)
Interactive Brokers. No HFT . Totally New Exchange. The Best, Fairest Brokers in The World. Absolutely No Front Running.
backspace4353 (6 days ago)
wow that is so close to what is going on. Wish the interviewers would let him finish and stop interrupting him.
steven padilla (8 days ago)
Like eddy Murphy said” you two are just a couple of bookies”
Hardware Software (9 days ago)
The interviewers didnt read the book and are ignoring his points. Idiots in suits.
Adam Momot (13 days ago)
What book are they referencing?
Ol Skool Trey (13 days ago)
Whistleblowers make money from their claims, as long as they can publicize their ideas, theory. When whistleblowers try to convince these industry pawn-soldiers (esp on TV), they'll simply play dumb. This applies to almost any industry.
Jacob White (14 days ago)
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
Daniel (15 days ago)
Wow those hosts are so ignorant. Instead of getting defensive, read the freaken book
Danny Ye (16 days ago)
Arguing against people who twist your words and point into something completely different is the most frustrating and tiring thing ever 🙄 aka when Michael Lewis tried to explain how retail investors are the easiest prey for HFTs and the male interviewer changes the subject into low-performing mutual funds? What?
Joseph Clarke (17 days ago)
“HFTs are bad for average consumers” “But aren’t fund managers also inefficient” Dear Bloomberg, fire these morons.
vrmkk (18 days ago)
Is his sole argument based on HFT?
Haggai Weiser (18 days ago)
Kudus to Bloomberg for letting interviews go long and letting guests talk.
John DeBord (19 days ago)
Plus I don't think this particular problem will ever be solved unless we somehow develop a way to instantaneously send and receive data faster than the speed of light; like through quantum teleportation or something. But that seems very unrealistic. And I don't think we have any evidence that quantum teleportation is even possible.
John DeBord (19 days ago)
But this shouldn't really matter to anyone unless you're a day trader trying to scrape orders. For swing traders, or people trading over a longer time-frame, HFTs are actually a benefit because it adds liquidity. Am I right? Or am I missing something?
tlak (21 days ago)
I always thought the stock market was a ponzi scheme, and detrimental to the American public.
rajat sharma (23 days ago)
stupidity level max...what kind of dumb reporters are brought in to cover such a lucid thinker?
jkidkiloveu bleh (23 days ago)
Bro just look at Federal Reserve, it's all joke. LOLOL
Michael Kummer (23 days ago)
Thomas Peterffy is telling a big portion of the rigging story.. In 1977, Peterffy purchased a seat on the American Stock Exchange and played a role in developing the electronic trading of securities.
gerard pacificar (24 days ago)
If the hosts could stay quiet for 30 seconds, we could all learn something. Maybe they’re stretching out the segment for time.
Willi Hansen (24 days ago)
What utter muppets these presenters are. American news really are the most stupid in the world. No wonder Trump hates them so much (and I hate Trump).
indianetizen (24 days ago)
Somebody please dismiss that dumb lady . No offence, but necessary.
Roland Rick Perry (25 days ago)
Rigged suggests you won't make money, which is of course not the reality. Front-running is just one of the costs of doing business. Also in a casino, you don't have the opportunity to change your bet, after you make the bet. You can change your bet in the stock market. So that analogy has always been weak.
BOETHIUS (25 days ago)
its rigged for the losers and fair for the winners
EyeWitnessChina (25 days ago)
I understand it’s a sham. No actual stock ownership certificates are transferred. You don’t own stock ownership in a company. You simply get monetary share price action in the casino trade. You cannot hav actual equity in a listed company. You used to be able to in the past, though.
Pat Fonta (27 days ago)
the stock market compter algorythm past a final critical test one year before 9/11 ECN = electronic communications network it takes few hours researching to find out the truth
Big Jim (1 month ago)
The market is rigged.... Surprise!!!
ABC XYZ (1 month ago)
This guy is brilliant
fredocorleone (1 month ago)
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.
Kathy Ryan (1 month ago)
These two anchors are rude and condescending to their guest.
Thomas Randall (1 month ago)
Basically Michael Lewis is saying that a retail investor has no chance day trading. The small guy should only invest or at the very least hold on to shares for a year or so. That way if you get the short end by a fraction on your initial buy it will be negligible to your overall profit/loss over such a length of time. Fractions are everything in day trading and if you get the worst of it every time you open/close your position you have zero chance. This is the downside of capitalism. You get told that the only way to get ahead of the game (or at least have your savings stay ahead of inflation) is to have a stake in capitalism itself and buy some stock rather than put it in a bank account. But even then you get ripped off for doing the right thing. These institutions with all the dough take zero risk because they are just basically skimming off every retail investors trade but you have to do it because there is no other option. Even if you avoid managed portfolios which are basically a rip off, you still have to use a broker. What they take for what they do is not justified. The woman here is also right, the quotes they give you have been doctored. It probably occurs when you search for the stock symbol before executing the trade (which they make you do on the brokerage platforms). Complete con
Paul Pena (1 month ago)
Why is HFT legal? If insider information is illegal because it gives you an unfair advantage then why not HFT which gives you an unfair advantage.
J P (1 month ago)
He's speaking plain english but these "News Reporters" are complete morons.
Strayan Drongo (1 month ago)
This interviewer is an idiot
Jonathan Woo (2 months ago)
the reporters are vested in the idea the market is fair becuz their livelihoods depend on its continual operation no matter how rigged it truly is.
Rich B (2 months ago)
Michael Lewis is spot on-- Wall St is rigged against retail traders and investors .Eric and Stephanie at Bloomberg are shamefully defending Wall Street because their jobs depend on Wall Street.
Ernesto Sanchez (2 months ago)
He doesn't want an intermediary like he explains in the end. Im assuming he doesn't know what blockchain is cause blockchain could be his answer.
Jakob P (2 months ago)
So we should abandon the brokers (aka the middle men)? Also is he saying day trading is rigged, while investing long term in the stock market is fine?
manictiger (1 month ago)
He's saying HFTs are the middle men. He wants brokers to trade with other brokers with no one in between to scalp. They have that though. It's usually really shitty stocks on OTC and PINK that do that. The amount HFTs make per trade is fractions of a penny. That being said, his talk about HFTs paying brokers to delay information is interesting.
Simple Mind (2 months ago)
2 Million dollars guy explaining how's is really done, and a group of crack heads digressing from the main topic--very typical of mainstream media to keep the masses in the woods.
M. Bison (2 months ago)
so market makers get a small gain off every order. but long term market can't be rigged. short term it is.
Rxbyg Duh (2 months ago)
These reporters sound like the traders on the street pre-2008. Trust me, I was there.
Johnny Wong (2 months ago)
How did these two clowns even get into Bloomberg????????? Felt so bad for Micheal that he wasted 14 minutes talking to these two
James Louis (2 months ago)
It is a game being played by the people with the most to stay ahead of most but will never relinquish control of the world unless forced to.
Conor Patrick (2 months ago)
The Right-Wing Neo-Liberals and their media stooges will see the Trump Wall from space.....A reminder of their sociopathic disconnect.......The Transatlantic Trade and Partnership Deal that would have destroyed pay and conditions for millions binned by President Trump, LOL........No more kicking in McDonalds windows by anti globalization protesters, LOL......The look of shock and awe on the faces of the Davos crew who believe borders and taxation are a huge inconvenience.....When Donald J Trump became elected President..........Media moguls and their stooges apoplectic with rage......The Like or Dislike button!! .......From the comfort from your own home or Starbucks, LOL LOLer.........
Website guy (2 months ago)
New information. It is rigged. Buying what you guess is the long term bottom over time not all in one buy is your only chance. You must hold.
Jim Mathers (2 months ago)
Everything today is fraud, ponzi schemes, lies and scams. Most people today live in a fantasy world or they are invested in something they are going to tout. Mutual funds have a dozen hidden fees; not just one. More bad info in this video. Average citizens are the pawn in these games and are always left holding the bag.
WiseJustice (2 months ago)
Guess ((( who ))) ?
Jane Liu (2 months ago)
The lady report did not get it....
Wili Wds (2 months ago)
Typical journalists tricks , by constantly interrupting loudly trying to confuse Micheal's train of thought , very sneaky tactic !!!
agreen182 (3 months ago)
Why is there always a fking woman who won't shut the hell up and let the smart person talk?
JBTechCon (3 months ago)
I'd like to see him interviewed by two people who aren't complete idiots.
Cold Fury (3 months ago)
Dis bitch is pretty smartt
Noah Vale (3 months ago)
Buffet's strategy is to buy affordable stocks that will grow in value and hold on to them..
Deepak Jindal (3 months ago)
I do, and xan prove it, if no, then i will give 100000 usd. 91 8800468480
KB venture (3 months ago)
Wow super interesting !
Dark Ur Comics (3 months ago)
The argumentation falls flat with his first argument: Nobody owns the casino.
Joe Richard (3 months ago)
The key word or words is "Delayed Price."
Patel Vidhu (3 months ago)
Stock market is rigged. Very hard to make money.
Waran Kaurr (3 months ago)
Author rocks host sucks!!
John Batchler (3 months ago)
That is how I trade I think the stock market as a crap table roll the dice but one thing is this that he is partially wrong the fundamentals r still in play to find hidden gems he is wrong about u don't really need to be near wall St to beat it's game just do small trades to do it computers can't pick up small trades like they do in large trades no matter how much they tweak their hft computer they still can't pick it up
James Heavey (3 months ago)
Mike Lewis is a fraud- his books are really novels where the plot never changes: an upstart band fights evil dark forces in a landscape that only a few really know. It’s cheaper to buy and sell stocks then it ever was- no thanks to Mr. Lewis.
mdesm2005 (3 months ago)
Jezz Louise, listen to your guest, put your egos down and let the man speak ...
J.S.A. Libertus (3 months ago)
Three people talking past one another and misleading title. Dropped the ball on this one.
Eric P (3 months ago)
He needs to work on his stutter.
Scott K (3 months ago)
She is quite cunty.
Jim Vetromila (4 months ago)
OMG, The stock market is rigged !!! 😆😆😆 Who knew ???
Philip Giacalone (4 months ago)
Both of these Bloomberg hosts are jaded dupes trying to distract us from the undisputed facts Michael Lewis is presenting.
Rick Believes (4 months ago)
Lewis is an idiot.
rhythmlessly (4 months ago)
Geeze!! Those hosts are dense...
Kacy's Kastle (4 months ago)
It's obvious the reporters had some alterior motive here. I've never seen reporters deflect so much and then become argument from the original purpose of the interview.
bigfoot129 (4 months ago)
no intermediary in the Market is : cryptocurrencies ..no intermediaries
michdad1 (4 months ago)
He is totally off on the way the markets work. He’s a traditionalist in his understanding as are most analyst. Using quantum mechanics over a period of 100, 200, 400, and 800 years one can KNOW exactly where we stand in the markets. Fundamentalists are nothing more than a cog in a gear. Fundamentals don’t cause market action they are enveloped in a larger function and are the result of the physics.
Matthew W (4 months ago)
I'm not sure what point the reporters are trying to argue. But then again I don't really understand the sock market. They are talking about the stock market right?
Harry Kiralfy Broe (5 months ago)
The market is 100% rigged.
Jan Smit (5 months ago)
Loved The big short. Dogshit wrapped in catshit
Aram Kroner (5 months ago)
She irritates.
Farmboy1544 (5 months ago)
TBH I read 3/4 of Flash Boys, and at no point in this interview did they actually talk about trades getting hijacked do to higher speed predatory trading. Which is what the book is about. It's too bad because what they were stupidly arguing about was far less interesting.
Hippy Flipper (5 months ago)
You have to understand
L_A_G (5 months ago)
Is just me or does it really look like the interviewers are trying their best to argue against and embarrass Michael Lewis? The whole thing reminds me of when Cathy Newman tried to embarrass Jordan Peterson in an interview with him and only succeed in embarrassing herself.
John Hogan (5 months ago)
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.
Bill Woo (5 months ago)
The lady seems to be a closed minded establishment shill.
rich k (5 months ago)
yes market is a rigged system
Donald Scott (5 months ago)
Buy and hold for 5 - 15 years and you don't need to worry about all this crap!!! Fake-President Trump is killing our economy!!!
Jam Tarts (5 months ago)
I’ll tell you something else that’s crooked.....................the fucking media!
Jam Tarts (5 months ago)
I understand it completely!..............it’s as crooked as a fucking dogs hind leg! Don’t go anywhere near it.
Eric Ragnar (5 months ago)
Am i being fair in saying the interviewers are a couple of morons?
James Rockford (5 months ago)
Who are these 2 sheep?
Painter Dood (5 months ago)
leinadssab (5 months ago)
this bitch is purposefully derailing him
Bris Vegas (5 months ago)
The whole world is rigged, all the truth in the world equals one big lie :)
Ik Lam (5 months ago)
Can't these people make a point without yelling at each other?
Ken Powers (5 months ago)
Stop interrupting, Lady!
Newsspews (5 months ago)
These reporters are really fighting for the exchanges, that it isn't rigged. It's so simple. When you send a trade, they have programs that will make a trade before your trade goes thru. Not hard to understand.
Nic Arnold (5 months ago)
Blockchain technology will revolutionize the trading in the stock market. There will no longer be, as stated by Michael, unnecessary transactions between brokers and other intermediaries. Exchanges will be strictly a place where buyer meets seller and the information on the exchanges won't be controlled by a broker or other intermediary looking to profit from flash trading.
Pratik Thakare (6 months ago)
ask yourself just a question about who are big investors in various online trading platforms? search it. you will be shocked. its rigged.
Indrajit Dewanjee (6 months ago)
the hosts are saying since we have better technology now, we shouldn't complain about someone misusing a little part of it.... their argument is so dumb that i feel dumber because I cannot summarize an argument against them
Federalist (6 months ago)
Michael Lewis and $hkreli in a room would be fire.
Isuzu Buyer (6 months ago)
Lewis, isn’t capable of understanding what’s going on. Pay for order flow is simply 3rd party traders working the bid/ask. If you don’t place your order “at the market”, they don’t make money and you get your fill if it’s available. Another huge blunder of Lewis, was his conclusion about why the housing market collapsed. I was selling my home in 2005 and was shocked at how many homes were sitting vacant. They were vacant because FreddyMac was giving loans and bridge loans to high risk people and those people were trying to flip and straggle Realestate..
DoucheNozzle (6 months ago)
Why böame hfts. Surely, they frontrun you. But they still earn onlya pip. This is their strategy, but the strategy of a hedgefund should be able to withstand that small loss.
Anna Nymous (6 months ago)
Yes, the stock is rigged.

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