Arbitrage has always been a fact of life but now on Wall Street it has become a many billion dollar business that makes being a tech person a big deal. It is all a matter of speed. And we are talking milliseconds, not a measure we can really relate with. What will you do to gain a millisecond? Lay your own fiber from Chicago to New York, try to locate your server as close to the "trading" computer as possible...even to the point of asking for a place IN THE ROOM that is closest to the door.
What does this mean to you and me? We don't get the best prices when we buy stock. I know that shocks you...you always assumed that Wall Street wanted to be fair to the small investor, didn't you?
As always Michael Lewis is a pleasure to read.
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