Technologists talk a good game about being numerically oriented and rational but they love, love, love their "Wall Street is picking your pockets via payment for order flow" meme. That claim about reality can be evaluated, with numbers. It is false.
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You know who is actually well informed about this? The #%(#)%()#% computer which generated the "(%)()0%# number on page 31 of Schwab's 2018 10-k. That computer is #%)&()#& well informed about this. It reliably reports that PFoF is a rounding error 1/5th size of comissions.
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Your write up on this subject was fantastic. Especially relevant with Etrade cutting commissions.
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I would add that it's at least possible that Katsuyama is, in fact, well informed but is...well...lying about it to everyone. Including Lewis. Though it's hard to say for sure. The best salesmen sell themselves first.
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Help me understand why Brad Katsuyama is not actually well-informed about this topic.
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