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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. Patrick McKenzie‏ @patio11 18 Sep 2019
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      This is an... extraordinary article in the Wall Street Journal about stock internalization, etc.https://www.wsj.com/articles/exchanges-vie-with-ultrafast-traders-for-mom-and-pop-stock-orders-11568808000 …

      3 replies 1 retweet 26 likes
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    2. Patrick McKenzie‏ @patio11 18 Sep 2019
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      I feel like I have a strong presumption that if one is writing for the Wall Street Journal one understands how stock works, but that's a rebuttable presumption, and:pic.twitter.com/6Nl6EHZ1kK

      3 replies 2 retweets 13 likes
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    3. Patrick McKenzie‏ @patio11 18 Sep 2019
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      It's far too easy on Twitter to dunk for the sake of dunking. I'm going back and forth and trying to introspect whether I'm doing that. I don't think I am: The reason why a hedge fund wouldn't participate in later gains of Apple stock if they sold their Apple stock is trivial.

      1 reply 0 retweets 8 likes
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    4. Patrick McKenzie‏ @patio11 18 Sep 2019
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      If you sell your stock, regardless of your contra, you will not participate in future price movements of the stock. That is, presumably, a major reason why you are selling your stock.

      1 reply 1 retweet 13 likes
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    5. Patrick McKenzie‏ @patio11 18 Sep 2019
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      If you sell your stock to retail investors, and then a pension fund buys a million shares of Apple, you still won't participate in the later gain of the stock caused by the price impact of the pension fund's order. If that is a problem... you don't want to sell your Apple stock.

      4 replies 1 retweet 10 likes
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    6. Patrick McKenzie‏ @patio11 18 Sep 2019
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      Also, from a "Why do we have stock exchanges, at all?" perspective, they form Schelling points to aggregate demand and supply. It is *extremely unlikely* that there are 100 dentists, engineers, and small business owners who want ~$22k of Apple at *exactly* time hedge fund sells.

      1 reply 0 retweets 16 likes
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      Patrick McKenzie‏ @patio11 18 Sep 2019
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      Thus the existence of market makers, including HFTs, who guarantee (for institutional investors) that if you want to sell 10k shares of Apple immediately for ~$2.2 million that you will be able to do this at a frictional cost so low that you'd assume I'm joking.

      7:34 AM - 18 Sep 2019
      • 23 Likes
      • Johannes Schulte regret maximizer Yishi Zuo James Burns warning: tweets unrelated to news paul shinn Bjørn Erik Pedersen Sergey Savenko Thuongvu
      1 reply 0 retweets 23 likes
        1. New conversation
        2. Colin Percival‏ @cperciva 18 Sep 2019
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          Replying to @patio11

          I think you're jumping over a bit here. The reason we have stock markets is to bring buyers and sellers together; but stock markets predated market makers by centuries.

          1 reply 0 retweets 1 like
        3. Kamil Choudhury‏ @kchoudhu 18 Sep 2019
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          Replying to @cperciva @patio11

          You can’t have a functioning market without someone taking a vig to be willing to smooth the market. I’m pretty sure the first market maker materialized about four minutes after the first stock market opened.

          1 reply 0 retweets 1 like
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