Sunday, September 29, 2013

Quote of the day

In the high-frequency trading business, billions of dollars are spent on high-speed lines, programming talent, and advanced computers by funds looking to capitalize on the smallest and most fleeting of mispricings. Those are computing resources and insanely intelligent people who could instead be put to work making the Internet run faster for everyone, or figuring out how to distribute electricity more efficiently, or really anything other than trying to figure out how to trade gold futures on the latest Fed announcement faster than the speed of light.

Neil Irwin, Washington Post: Traders may have gotten last week’s Fed news 7 milliseconds early

This makes me think of another interesting article I read recently: On the Phenomenon of Bullshit Jobs.

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