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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 (515)
J.S.A. Libertus (11 hours ago)
Three people talking past one another and misleading title. Dropped the ball on this one.
Eric P (2 days ago)
He needs to work on his stutter.
Scott K (2 days ago)
She is quite cunty.
Jim Vetromila (2 days ago)
OMG, The stock market is rigged !!! 😆😆😆 Who knew ???
Philip Giacalone (3 days ago)
Both of these Bloomberg hosts are jaded dupes trying to distract us from the undisputed facts Michael Lewis is presenting.
Rick Believes (4 days ago)
Lewis is an idiot.
rhythmlessly (11 days ago)
Geeze!! Those hosts are dense...
Kacy's Kastle (15 days 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 (17 days ago)
no intermediary in the Market is : cryptocurrencies ..no intermediaries
michdad1 (25 days 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 (1 month 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 (1 month ago)
The market is 100% rigged.
Jan Smit (1 month ago)
Loved The big short. Dogshit wrapped in catshit
Aram Kroner (1 month ago)
She irritates.
Farmboy1544 (1 month 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 (1 month ago)
You have to understand
A Blackman (1 month ago)
I dont agree with what this dude says. I traded part time to the point where in a few minutes a day I made more than my salary from full time employment. Finally I traded full time. If one is going to jump in and out, listen to the experts, invest in every rumour and barbershop conversation, not use trailing stops to limit losses, invest more that 4% of your portfolio in one stock, invest in fly by night and questionable companies without a solid track record etc one will get cleaned out. One has to prepare a set of rules that govern YOUR TRADING STYLE and stick by them. So yes, money can be made but not if you trade like a cowboy !
L_A_G (1 month 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 (1 month 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 (1 month ago)
The lady seems to be a closed minded establishment shill.
rich k (1 month ago)
yes market is a rigged system
Donald Scott (1 month 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 (1 month ago)
I’ll tell you something else that’s crooked.....................the fucking media!
Jam Tarts (1 month ago)
I understand it completely!..............it’s as crooked as a fucking dogs hind leg! Don’t go anywhere near it.
Eric Ragnar (1 month ago)
Am i being fair in saying the interviewers are a couple of morons?
James Rockford (1 month ago)
Who are these 2 sheep?
Painter Dood (1 month ago)
leinadssab (1 month ago)
this bitch is purposefully derailing him
Bris Vegas (1 month ago)
The whole world is rigged, all the truth in the world equals one big lie :)
Ik Lam (1 month ago)
Can't these people make a point without yelling at each other?
Ken Powers (1 month ago)
Stop interrupting, Lady!
Newsspews (1 month 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 (1 month 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 (2 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 (2 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 (2 months ago)
Michael Lewis and $hkreli in a room would be fire.
Isuzu Buyer (2 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 (2 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 (2 months ago)
Yes, the stock is rigged.
davidsonnow (2 months ago)
FFS ppl, Stop asking stupid questions like: how could these hosts be so stupid?! News anchors/ financial hosts are paid propagandists. Period end of story
Captain Ron (2 months ago)
I don't quite get this as it relates to me .. Is somebody "frontrunning" me when I buy 100 shares of a stock?
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.
Michael is talking to idiots who pretend as if they know in and out of Stock Market.
paul kieffer (2 months ago)
Stupidest reporters around!!
KnifeCatcher (2 months ago)
This is why trading stocks is tough. You need to trade futures, not stocks. Are there HFTs in futures markets? Sure. But, a futures market's plumbing is very, very different from a stock market's plumbing.
1800splitair (2 months ago)
WTF am i watching here? came to see why nobody knows anything bout the stock market but saw only reporters have no idea! haha WTF... again.
Mike K (2 months ago)
that chick has no clue of what he is talking about, I wish she was smart enough just to stay quiet, but she looks pretty :) , interesting info
Tony Rodriguez (2 months ago)
Thank goodness we have cryptocurrecnies that allow us to do just that now. It will literally swallow up wallstreet once companies turn their stock into trad-able assets that can be exchanged in their store for a discount or simply traded for gas or anything. This world is happening and I pray people do some more research on this. Don't research on investor/news sites, look up Andreas Antonopoulos.
ALLEN KREYMBORG (2 months ago)
Daniel Duerst (2 months ago)
A better analogy might be the fact that the Bar of Lawyers Union, never fights against preferential treatment to lawyers.
Bonnie Wilson (2 months ago)
Especially at 11....
My Focallure (2 months ago)
this man is high on weed
David D (3 months ago)
Michael Lewis is a joke.
MASTER BLASTER (3 months ago)
If they closed the market today I wouldn't careless holding my stock as an owner of a company
Babyface ATL (3 months ago)
I dont care if it is rigged, just tell me who is gonna win so I can make the right bet
Event Trading (3 months ago)
people r being front run? maybe u want 2 front run it's BS millions 2b collected open your eyes
Event Trading (3 months ago)
Get ur head out of your ass and play the game stop whining
jemma k (3 months ago)
Question everything☝🏻️
Bill Cahill (3 months ago)
I'd like Michael Lewis to do his own video. He has a lot of interesting things to say, and there's no reason he should have to be constantly interrupted by two idiots who don't.
Jeff F (3 months ago)
These two were embarrassingly ignorant about the entire topic
Justin Beers (3 months ago)
If all Brokers and Account Managers can be sincere like Frank Robert i think no trader can be suffering losses all the time, as nice as he is telling one the truth at the right time with his awesome strategy taking traders challenges upon himself, i am blessed in trading with him as my Account Manager, right with him my weekly winning is always 25k usd, he is so nice to everyone that comes his way.
gmshadowtraders (3 months ago)
Kartik Bhatt (3 months ago)
Michael is a legend. His book is a fantastic read. These idiot interviewers just do not understand contents of his book or the market. Listen carefully to their questions, they have as much intellectual content as a packet of crisps.
HellBent (3 months ago)
I bought a lot of AAPL in 2014 at $80/share. I sold it in 2017 at $160/share. If that's the outcome of a rigged system, I'll take more of that! ;)
meme dream team (2 months ago)
HellBent you missed the point idiot
Eric D (3 months ago)
"Rigged" may not be the best choice of words. But others having an advantage is absolutely true.
Chuck Longino (3 months ago)
Never give a sucker an even break! 😲
Mojave4ever (3 months ago)
Bloomberg, in general, confuses their unfounded opinions with fact. They're incapable of holding an intelligent conversation about anything related to the financial markets.
William Finnegan (3 months ago)
Dumb and loud hosts.
vivien danskin (3 months ago)
Book sounds interesting and they are out to get the little guys. They class us as there dinner
Present Past (3 months ago)
I know him personally! Thx a lot Chris
Bb Wilson (3 months ago)
Too a class in IT...
Bb Wilson (3 months ago)
Poor and middle class doesn't exist anymore but guess who on menu next....
Bb Wilson (3 months ago)
Hope robots get paid.....to buy into it because people won't have jobs to buy into stock...
Bb Wilson (3 months ago)
What business, robots are going to take over ,no money ,if no jobs ,that means bosses can be replaced by robots.....
Bb Wilson (3 months ago)
They can play with the middle class all they want but remember who on the menu when middle class doesn't exist.....
Muhammad Shafeeq Ishak (3 months ago)
Omg why are these hosts so daft and ignorant. Seems like they are either stupid or have an agenda to discredit Michael. The facts are right there. Technology isn’t bad. It’s what is happening with the people using that technology to leverage their trading which, at the same time, is making it unfair for other Traders. It’s as simple as that.
rogerdat45 (3 months ago)
yea but when you gamble away money in the casino its gone. at least in the stock market you can hold a stock and even if it goes down 50 % you can hold the stock until it goes up again.
Dean Konstantian (3 months ago)
Fantastic interview, it really illustrates in depth in a very blatant way How the media and financial institutions collude in deceiving the public
sum gal (3 months ago)
Those hosts are pretty annoying
Jane Liu (3 months ago)
Sure,system is rigged, but that is not a reason not to trade or not investing
I'm pretty pissed off, because as a winning poker player in casinos I can tell you that the deck is NOT rigged in almost every single casino I've ever played in all across the country. So right off the bat I KNOW that one of his claims are completely false.
nick baldanza (25 days ago)
He was using the “fictitious” card game and its various participants as an analogy. HFT’s collocation of servers directly adjacent to ECN’s allow them to use that latency gained(a few milliseconds)to employ a risk less arbitrage. This arbitrage comes directly out of the pockets of every and any investor who participates in the stock market. From the individual investor to the mutual funds, pensions and 401k’s. The analogy compares the exchanges(ECN’s) and HFT firms to the casino and professional poker players. While the tourists are compared to the individual investors, mutual funds, pension funds and 401k’s. He is not claiming that poker games at casinos are rigged. Rather he created a “what if” scenario in which to explain the various parts and counterparts in today’s “rigged” financial system.
Toni Kemppainen (3 months ago)
It's a casino game like in Las Vegas? Hahaha a casino game.
Stephen Doty (3 months ago)
Does he include himself in "nobody"?
Jim Mathers (3 months ago)
I traded in the most efficient fraud ever devised also. Insiders make the money; apologists like these clowns on financial shows are mouthpieces for Wall St and they are brainwashed into Goldman Sachs lingo and procedures. Everything is great in theory but it is the actual process that robs average citizens and traders of their money.
MrJaybird3316 (3 months ago)
It is so funny to see how outclassed these two interviewers are.  They have absolutely no idea what he is talking about.  They are clearly barely hanging in there, so the only thing left to do is just be argumentative.
Elhadji Amadou Johnson (3 months ago)
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.
Biff Bifford (3 months ago)
It's like the interviewers are LOOKING for excuses to minimize the accusations of anything being unfair in the markets. As a VERY experienced trader, I can affirm we are being gamed.
Kirk Clements (3 months ago)
on a 3 to 5 year average holding period HFT means very little - but it should be stopped and prison time should be involved for the practitioners and the exchange bosses that allow it
JSavic (3 months ago)
Paul McCartney look-a-like
rogerdat45 (3 months ago)
JSavic lol i was thinking the same thing
SYED ADEEL HUSSAIN (4 months ago)
these dudes need to take a course in Quantitative Finance. Stocks exhibit a random walk or a drunken walk! Hence you do have a drift or a trend but the process becomes GBM - Geometric Brownian Motion or a GRW - Geometric Random Walk! hard to predict the next outcome. Hence the traditional school emphasizes on mean reversion (devoid of augmented rational expectations and EMH Theory) which is a failed model. The process won't be white noise, it won't be stationary (with CAGR Fluctuating and a non-constant mean) and the model to explain that may or may not be parsimonious. The error term will not be memory less and might also exhbit non ergodicity in properties. Also serial dependence or auto correlation is something which modelers cannot ignore in continous or discrete time finance.
jordan brown (4 months ago)
This to a degree is why I love Robinhood.. More money for the individual investor
Jane Smith (4 months ago)
In what universe are there no corruption, manipulation and greed. How naive do you have to be, to believe none of these things occurs, when dealing with Billions and Trillions of money?
Bas van der Graaff (4 months ago)
Just make every buy of a stock have a 0.01% return to the company. Bam, HFT solved :P. I don't believe HFT or even day-trading really helps any company except traders themselves.
Joon Matic TV (4 months ago)
Presstitutes... Sold your impartiality to host a show lol. Same ppl who had no idea about the tech or housing bubble. Trying to argue about market fairness lol. Sad
Hermes Chen (4 months ago)
This is why he write books and they report news.sad for them on trying to act smart
Tarun Pratap (4 months ago)
The hosts seem to not get any of his arguments. Bloomberg hosts are pretty biased against his argument.
SCHRODINGER’S CAT (5 months ago)
im not sure Michael Lewis understands the market well. There is still a way to profit among the HFT algos that isn't based on pure luck
Vaclav Haval (5 months ago)
Put a muzzle on that dumb broad and let Michael speak.
WC Evangelista (5 months ago)
These reporters got served!
Viral Loger (5 months ago)
And the so called stock guru says bitcoin is a scam when the stock market itself is a scam

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