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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @matthew_d_green @WatsonLadd and

      If the answer is: yes, those patterns are good for the markets (and one can make a convincing argument for this) then I’m done. Full stop.

      1 reply 0 retweets 1 like
    2. will‏ @uiri00 18 Apr 2019
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      Replying to @matthew_d_green @WatsonLadd and

      The trading patterns alleged in FB are the force optimizing the decentralized exchanges to said centralized ideal functionality.

      1 reply 0 retweets 0 likes
    3. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @uiri00 @WatsonLadd and

      They’re a specific kind of force, where one particular set of parties extracts a rent for doing so — based primarily on the number of nanoseconds’ advantage they have over other traders.

      2 replies 0 retweets 0 likes
    4. Watson Ladd‏ @WatsonLadd 18 Apr 2019
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      Replying to @matthew_d_green @uiri00 and

      It's not a rent economically: lots of competition!

      1 reply 0 retweets 0 likes
    5. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @WatsonLadd @uiri00 and

      It’s competition between different people to eat BK’s lunch. Doesn’t mean it’s economically optimal for BK to have his lunch eaten.

      1 reply 0 retweets 1 like
    6. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @matthew_d_green @WatsonLadd and

      If a gang of muggers has a healthy competition for street position, and uses it to beat me up and steal my wallet, I’m not going to slap the system in the back and call it healthy.

      1 reply 0 retweets 1 like
    7. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @matthew_d_green @WatsonLadd and

      More to the point, the only way for traders to avoid paying this rent is to invest increasingly vast sums into running pointless fiber everywhere (see IEX) or using dark pools. Is all this economically optimal? Or just people paying for loads of private security instead of cops?

      3 replies 0 retweets 2 likes
    8. Watson Ladd‏ @WatsonLadd 18 Apr 2019
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      Replying to @matthew_d_green @uiri00 and

      They aren't paying this rent? The whole point is that some traders (index funds, retail investors) are getting better prices and others (fundamental driven buy side, other hedge funds) are getting worse ones

      1 reply 0 retweets 0 likes
    9. Matthew Green‏ @matthew_d_green 18 Apr 2019
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      Replying to @WatsonLadd @uiri00 and

      The last point Lewis makes, which I’ve been seeking feedback on, is that at the end of the day it’s my 401k and pension fund that are going to produce the profits HFT makes. Everyone here says “no, it’s just the rich people.” I’d like to believe that, but we’re the easiest prey.

      3 replies 0 retweets 2 likes
    10. Patrick McKenzie‏ @patio11 18 Apr 2019
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      Replying to @matthew_d_green @WatsonLadd and

      Orders from your 401k never see a lit exchange; they're going to get filled by an internalizer. Your pension / mutual fund of choice should, generally, not be trading, because they do not have a comparative advantage in asset selection.

      2 replies 0 retweets 6 likes
      Patrick McKenzie‏ @patio11 18 Apr 2019
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      Replying to @patio11 @matthew_d_green and

      The fact that Vanguard says "We are the world's biggest passive investor, we've studied this exhaustively, and our conclusion is computerized trading greatly decreased our cost of trading without harming execution quality" should be more or less dispositive to you on this point.

      7:37 AM - 18 Apr 2019
      • 11 Likes
      • Gordon Mohr ꧁👁👁꧂ Jolly David Gerard unfortuNate (dad)jokes 🧙‍♂️ Watson Ladd Albert Lunde Kamil Choudhury d j o r f f will
      2 replies 0 retweets 11 likes
        1. New conversation
        2. Matthew Green‏ @matthew_d_green 18 Apr 2019
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          Replying to @patio11 @WatsonLadd and

          So all the profit of HFT is coming from the wealthy hedge fund customers, none of which are hidden inside my 403b disguised as corporations or something.

          2 replies 1 retweet 1 like
        3. Thomas H. Ptacek‏ @tqbf 18 Apr 2019
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          Replying to @matthew_d_green @patio11 and

          You should hope that your retirement funds are not invested in actively traded hedge funds!!!!!!!!!!!

          2 replies 0 retweets 2 likes
        4. 10 more replies
        1. Jolly‏ @Jolly 18 Apr 2019
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          Replying to @patio11 @matthew_d_green and

          I'm with Vanguard. Hft increases liquidity and reduces spreads.

          0 replies 0 retweets 0 likes
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