By Michael Lewis
4 years after his number 1 bestseller The mammoth Short, Michael Lewis returns to Wall road to document on a high-tech predator stalking the fairness markets.
Flash Boys is ready a small team of Wall highway men who determine that the U.S. inventory marketplace has been rigged for the good thing about insiders and that, post–financial main issue, the markets became no more loose yet much less, and extra managed through the massive Wall highway banks. operating at assorted companies, they arrive to this consciousness individually; yet when they observe each other, the flash boys band jointly and got down to reform the monetary markets. This they do through growing an trade within which high-frequency trading—source of the main intractable problems—will haven't any virtue whatsoever.
The characters in Flash Boys are amazing, each one different from what you think that of should you imagine “Wall highway guy.” numerous have walked clear of jobs within the monetary quarter that paid them hundreds of thousands of bucks a 12 months. From their new vantage element they examine the massive banks, the world’s inventory exchanges, and high-frequency buying and selling corporations as they've got by no means been investigated, and divulge the various unusual new ways in which Wall road generates profits.
The gentle that Lewis shines into the darkest corners of the monetary international will not be reliable to your blood strain, simply because when you've got any touch with the industry, even a retirement account, this tale is occurring to you. yet in spite of everything, Flash Boys is an uplifting learn. listed here are those who have one way or the other preserved an ethical experience in an atmosphere the place you don’t receives a commission for that; they've got perceived an institutionalized injustice and are keen to visit warfare to mend it.
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7. S. P. All rights reserved. Used with permission. At the time, Mr. Greenspan did not believe that this was due to large flows of foreign capital from emerging-market countries running large surpluses against the United States. Of course, now we know that this was indeed the case. 8. As the inflow of new money was continuous during this period, this depressed credit spreads and so investors became less risk-averse and extended along the credit curve in their search for yield. Also, among these SWFs and Asian central banks there was a shift in risk appetite.
This will not give an exact value of a property, but it will give some very good guidance. The index would serve as a proxy hedge, but as we have seen in the current housing crisis, when the value of a house starts to decline, the value of the properties in the surrounding neighborhood follow. In this case, if the house prices in an area were to drop, the derivative put in place would increase in value and offset the loss. Lenders could also use this tool as it would protect them against foreclosures.
We want to phrase it even more strongly. One of the biggest challenges that world political leaders will be facing in the next decade is to address the global imbalances that have been created over the previous decade. If they do not succeed in this, then even the most robust banking regulation will not be sufficient to protect the financial industry from another financial crisis, the effects of which could be even worse than the one just experienced. In saying this, we recognize the role emerging markets played and are still playing as pivotal to the crash.