Flash Boys: A Wall Street Revolt [NOOK Book]

Overview

Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets.


Flash Boys is about a small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders and that, post?financial crisis, the markets have become not more free but less, and more controlled by the big Wall Street banks. Working at different ...

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Flash Boys: A Wall Street Revolt

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Overview

Four years after his #1 bestseller The Big Short, Michael Lewis returns to Wall Street to report on a high-tech predator stalking the equity markets.


Flash Boys is about a small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders and that, post–financial crisis, the markets have become not more free but less, and more controlled by the big Wall Street banks. Working at different firms, they come to this realization separately; but after they discover one another, the flash boys band together and set out to reform the financial markets. This they do by creating an exchange in which high-frequency trading—source of the most intractable problems—will have no advantage whatsoever.


The characters in Flash Boys are fabulous, each completely different from what you think of when you think “Wall Street guy.” Several have walked away from jobs in the financial sector that paid them millions of dollars a year. From their new vantage point they investigate the big banks, the world’s stock exchanges, and high-frequency trading firms as they have never been investigated, and expose the many strange new ways that Wall Street generates profits.


The light that Lewis shines into the darkest corners of the financial world may not be good for your blood pressure, because if you have any contact with the market, even a retirement account, this story is happening to you. But in the end, Flash Boys is an uplifting read. Here are people who have somehow preserved a moral sense in an environment where you don’t get paid for that; they have perceived an institutionalized injustice and are willing to go to war to fix it.

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Editorial Reviews

From Barnes & Noble

The Big Short; Boomerang; Liar's Poker; Moneyball: For a full quarter century, Michael Lewis has been crafting one scintillating business bestseller after another. As Michiko Kakutani of The New York Times notes, "No one writes with more narrative panache about money and finance than Mr. Lewis. Rumors are around rustling on the internet about what new Wall Street secrets the famed author is about to spill. Destined to be a number one bestseller everywhere.

The New York Times - Janet Maslin
…dazzling…Because Mr. Lewis is at the helm finding clear, simple metaphors for even the most impenetrable financial minutiae, this tawdry tale should make sense to anyone. And so should its shock value. Flash Boys is guaranteed to make blood boil.
Publishers Weekly
★ 04/14/2014
In his latest captivating expedition into the marketplace jungle, Lewis (Moneyball) explores how the rise of computerized stock exchanges and their attendant scams started a battle for the soul of Wall Street. He probes the subterfuges of high frequency traders who, assisted by banks and brokerages happy to sell out customers, use blindingly fast data links to gain inside information on investors' trades and then exploit them on today's entirely digital stock markets. At the center of his novelistic narrative is a New York mosaic: Brad Katsuyama, a Canadian-born trader with a conscience; Ronan, a hot-headed Irish telecom expert; and a Dostoevskian cast of Slavic programmers veering between existential angst and saintly resignation. This cast bands together to expose the market manipulations and then start their own honest stock exchange. Lewis does his usual superb job of explicating the inexplicable in his lucid, absorbing account of the crossroads of high-tech data transfer and byzantine market strategies, where milliseconds of signaling speed yield billions in profits. He also presents a rich sociology of Wall Street's assholes-vs.-geeks culture clash between greedy, blustering financial honchos and the flickers of rationalism and humanity in the tech people they need to run their markets. The result is an engrossing true-life morality play that unmasks the devil in the details of high finance. Agent: Al Zuckerman, Writer's House. (Apr.)
Janet Maslin - The New York Times
“Dazzling… guaranteed to make blood boil… riveting.”
Jon Stewart - The Daily Show
“A beautiful narrative, so well-written. You’ve got to get this.”
The Wall Street Journal
“Important to public debate about Wall Street… in exposing what one of his central characters calls the ‘Pandora’s box of ridiculousness’ that financial exchanges have become.”
Vanity Fair
“Michael Lewis knows how to tell a story.”
Financial Times
“Remarkable… Michael Lewis has a spellbinding talent for finding emotional dramas in complex, highly technical subjects.”
Bloomberg Business Week
“Who knew high-frequency trading was such a sexy subject?”
Huffington Post
“Michael Lewis is one of the premier chroniclers of our age.”
Kevin Roose - New York Magazine
“Michael Lewis is a genius, and his book will give high-frequency trading a much-needed turn under the microscope.”
Philip Delves Broughton - The Wall Street Journal
“Important to public debate about Wall Street… in exposing what one of his central characters calls the ‘Pandora’s box of ridiculousness’ that financial exchanges have become.”
CNN Money
“Score one for the humans! Critics of high speed, computer-driven trading have a new champion.”
Entertainment Weekly
“If you own stock, you need to read Flash Boys… and then call your broker.”
John Aziz - The Week
“In 24 hours, I plowed through Michael Lewis' new blockbuster Flash Boys: A Wall Street Revolt, a book about the huge changes that have occurred in financial markets in the last three decades. It's compelling reading.”
The American Conservative
“Flash Boys richly deserves to be the first chapter in a new discussion of market rules and abuses… Lewis raises troubling and necessary questions.”
James B. Stewart - New York Times
“When it comes to narrative skill, a reporter’s curiosity and an uncanny instinct for the pulse of the zeitgeist, Lewis is a triple threat.”
Lev Grossman - Time
“[Lewis] is a top-flight storyteller.”
Tina Jordan - Entertainment Weekly
“A fast-paced tale backed by gutsy reporting.”
Jon Talton - Seattle Times
“A tour de force that will grab and hold your attention like the best of thrillers.”
Felix Salmon - Slate
“[A] master storyteller.”
Julie Hinds - Detroit Free Press
“Lewis writes about the resilience of underdogs, even in the face of seemingly overwhelming odds. He’s doing essential work, and anything that embarrasses fat cats and encourages reform is a flash in the right direction.”
Will Deener - Dallas News
“Lewis simply tells the truth.”
Zachary Warmbrodt and Dave Clarke - Politico
“Michael Lewis has another hit on his hands.”
Joe Nocera - New York Times
“[Lewis’s] ability to find compelling characters and tell a great story through their eyes is unparalleled. He can untangle complex subjects like few others. His prose sparkles.”
David Sirota - Salon
“If you read one business book this year, make it Flash Boys.”
Steven Pearlstein - The Washington Post
“Fascinating.”
Hector Tobar - Los Angeles Times
“Lewis, as always, is exceedingly good at describing the complexities and absurdities of the subculture he portrays here… A deeply entertaining book, and one that illuminates how much our world has changed in less than a decade.”
People
“As always, Lewis simplifies the complex—and makes it fascinating.”
San Francisco Chronicle
“Recommended… Entertaining.”
People
“As always, Lewis simplifies the complex—and makes it fascinating.”
New York Review of Books
“Entirely engaging… Illuminates a part of Wall Street that has generally done business in the shadows.”
Kirkus Reviews
★ 2014-04-03
In trademark Lewis (Boomerang: Travels in the New Third World, 2011, etc.) fashion, a data-rich but all-too-human tale of "heuristic data bullshit and other mumbo jumbo" in the service of gaming the financial system, courtesy of—yes, Goldman Sachs and company.That stuff you see on TV about dinging bells and ulcer-stricken traders pacing the floor of the New York Stock Exchange? It's theater. The real speculative economy lives invisibly in little wires that go to nodes in out-of-the-way places, monitored by computer, shares bought and sold by algorithm. If you send a sell order, it might get intercepted for a fraction of a second by an intermediary that can manipulate the order to squeeze off one one-hundredth of a penny in profit—small on the individual level but big when you consider the millions of trades made every day. Both the system and that process are considerably more complex than that, but this fact remains: It dawned on someone that a person could grow rich laying ever faster optic cables to selected clients, cutting deals with the governments of towns and counties "in order to be able to tunnel through them," all perfectly legal if not exactly in the spirit of the market. Lewis follows his tried-and-true methods of taking a big story of this sort and deconstructing it to key players, some on the inside, some on the outside, at least one an unlikely hero. In this case, that unlikely hero is an exceedingly mild-mannered Japanese-Canadian banker who assembled a team of techies and numbers nerds to track the nefarious ways of the HFT world—that is, the high-frequency traders and the firms that engaged in "dark pool arbitrage" as just another asset in their portfolios of corruption.If you've ever had the feeling that the system is out for itself at your expense, well, look no further. A riveting, maddening yarn that is causing quite a stir already, including calls for regulatory reform.
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Product Details

  • ISBN-13: 9780393244670
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 3/31/2014
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 304
  • Sales rank: 1,789
  • File size: 493 KB

Meet the Author

Michael  Lewis
Michael Lewis, the best-selling author of Liar’s Poker, The Money Culture, The New New Thing, Moneyball, The Blind Side, Panic, Home Game, The Big Short, and Boomerang, among other works, lives in Berkeley, California, with his wife and three children.

Biography

Twenty-four year-old Princeton graduate Michael Lewis had recently received his master's degree from the London School of Economics when Salomon Brothers hired him as a bond salesman in 1985. He moved to New York for training and witnessed firsthand the cutthroat, scruple-free culture that was Wall Street in the 1980s. Several months later, armed only with what he'd learned in training, Lewis returned to London and spent the next three years dispensing investment advice to Salomon's well-heeled clientele. He earned hundreds of thousands of dollars and survived a 1987 hostile takeover attempt at the firm. Nonetheless, he grew disillusioned with his job and left Salomon to write an account of his experiences in the industry. Published in 1989, Liar's Poker remains one of the best written and most perceptive chronicles of investment banking and the appalling excesses of an era.

Since then, Lewis has found great success as a financial journalist and bestselling author. His nonfiction ranges over a variety of topics, including U.S./Japanese business relations (Pacific Rift), the 1996 presidential campaign (Trail Fever), Silicon Valley (The New New Thing), and the Internet boom (Next: The Future Just Happened). He investigated the economics of professional sports in Moneyball (2003) and The Blind Side (2006); and, in 2008, he edited Panic, an anthology of essays about the major financial crises of 1990s and early "oughts."

Good To Know

Michael Lewis attended Isidore Newman School in his native New Orleans, LA -- a private college prep school that counts among its more distinguished alumni historian Walter Isaacson, children's book author Mo Willems, singer Harry Connick, Jr., and famous pro-football siblings Peyton and Eli Manning.
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    1. Date of Birth:
      October 15, 1960
    2. Place of Birth:
      New Orleans, LA
    1. Education:
      Princeton University, B.A. in Art History, 1982; London School of Economics, 1985

Customer Reviews

Average Rating 4.5
( 47 )
Rating Distribution

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(27)

4 Star

(16)

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See All Sort by: Showing 1 – 20 of 47 Customer Reviews
  • Anonymous

    Posted April 5, 2014

    Flash Boys is a very good book.  Reading it will cause you to th

    Flash Boys is a very good book.  Reading it will cause you to think of many things.  Anyone who owns stock or has a 401K with stock
    in it would profit from reading this book. There is a great deal of information coupled with an engaging story.  

    Most of us don't even begin to understand what impacts our investments and how Wall Street makes money.  Some of the information
    is extremely technical both in describing financial transactions and in explaining the technical aspects of software creation and control.
    I am still not sure I understand it all, but I understand more than I did before I read it.

    At its heart, it is a story of how a complex system (the stock exchanges) can be gamed.  In this case, it results is high speed trading
    on the stock market that only a few brokers and banks can use at the little guys expense.
    The result is a system that, like casinos, is rigged in the "House's" favor.  The story follows a banker who figured out the "game" and
    his attempts to address it.  Some of the book is very dry, but I still wanted to understand and learn more.

    Not a lite read...but I did enjoy it and will be interest to watch what happens to the High Speed Trading firms and systems.  Will IEX
    change things?  What I am sure of is that the gamers will find another hole in some system.  
     

    5 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 7, 2014

    Very enjoyable and I feel smarter for having read it.  I wouldn'

    Very enjoyable and I feel smarter for having read it. 
    I wouldn't be afraid of the technical stuff. Most folks can understand the speed of light and that,  IMO, is the heart of the technical discussion.
    I enjoyed reading the names of the firms involved and how they might have been bashed in one chapter and redeemed later.  
       

    4 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 11, 2014

    This book is informative and a great analysis.

    This book is informative and a great analysis.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 4, 2014

    Just Like Online Shooter Games

    This is a great book and an amazing story. Anyone who's ever played Call of Duty or Battlefield (or any online MMO for that matter) could've looked at what was happening on your computer screen and seen that someone was playing "in the future". In the game Call of Duty, when you're shooting someone and they turn around and kill you, they are referred to be playing "in the future". Those were my thoughts reading the first couple chapters of the book.

    2 out of 3 people found this review helpful.

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  • Posted May 2, 2014

    I highly recommend this book--more evidence of the way average investors are treated by a tilted playing field.

    I thought this book was exceptionally informative; I'm a securities lawyer and, even though I am familiar with the markets and securities compliance issues, garnered much new information about the technical operation of the markets. Lewis does a great job of conveying technical information in a way that is easily understandable.

    1 out of 1 people found this review helpful.

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  • Posted May 2, 2014

    Highly recommended

    Mr. Lewis can take the most difficult financial material and make it simple enough for you to understand. What could be more confusing the stock market and computers? He explains it in clear terms to simply cutting in line. The ability to purchase all stock that is available because your first and know others are waiting in line should not be fair. Mr Lewis shows there is hope for fairness from of all places Goldman Sachs.
    A book for all to read even if you do not trade stocks for a living. You have a pension and these "Flash Boys" effect it.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted May 2, 2014

    Great Book, very much recommend

    Really lays bear the greed and intentions of Wall Street. What ever happened to fairness and the consciousness for doing the right thing for other people? The kinds of values all our parents taught us as children.

    Looks like it is alive and well in Canada with Brad K, and he instilled it in his team as well. That's the way people in the US use to be. Bravo for Mike Lewis and the people in this book. It's brought the right focus to this High Speed trading fiasco.

    Great book!!

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted April 22, 2014

    Loved it!

    I am someone that invests like millions of others each day, basically blind with trust for our financial advisors. I came away facinated by the utter importance of the millisecond and how racing for an advantage of just 4-5 of these littles fellows means the difference between retirement in Florida or working until 65 in Detroit. High frequency traders? Scum!

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted April 22, 2014

    the book was a great read

    the book was a great read

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted August 23, 2014

    A must read if you invest in the stock market..

    An intriguing quick read to see how computers have changed the world of finance.

    Was this review helpful? Yes  No   Report this review
  • Posted July 19, 2014

    Brilliant people who care.

    Interesting read about some unselfish people who use their intelligence for good. Also, a sad portrayal of the current stock market. Good to know stuff, and well worth reading.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 14, 2014

    Superb and juicy writing-you'll never think of Wall St in the same way

    Well-written and easy to understand insider's view of the fascinating world of secret high speed trading where microseconds make billions for some. Written from the point of view of fascinating, quirky bright individuals as they slowly uncover the scheme that take billions away from everyday investors with IRAs and 401Ks and puts it into the traders' pockets. Very readable, though there were just 2 or 3 pages that I couldn't quite get and skimmed. Did not take away one bit of my enlightenment or enjoyment of this book. (PS- enjoy the presentation of Canadians and their sensibilities as you read this :) ).

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 7, 2014

    JOIN ASHCLAN

    Join ashclan at asher res 1

    Was this review helpful? Yes  No   Report this review
  • Posted June 13, 2014

    For me this was a tough read but these are the books we must tak

    For me this was a tough read but these are the books we must take the time to study. Learning doesn't end with school and if we continue to educate ourselves we won't allow ourselves to settle. The men Michael Lewis wrote about in Flash Boys didn't settle. They couldn't give up on a problem they couldn't solve and we are better for it. The riddle they solved allowed us to see our modern shell game that we aren't even invited to play. We are just invited to fork over our losses. Very good book. 

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 31, 2014

    Jesse

    Unpacks

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  • Anonymous

    Posted May 22, 2014

    Not being someone who truly understands Wall Street and how it w

    Not being someone who truly understands Wall Street and how it works. this book was very informative. My initial reaction was "these guys are under such stress and do they have life outside of Wall Street". The average American is so trusting and Wall Street is not to be trusted. Lots of technical language but still a good read.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 12, 2014

    ATTENTION

    Come to the huge party at seti res 2. Come have some fun with new people (;

    0 out of 3 people found this review helpful.

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  • Anonymous

    Posted May 11, 2014

    Make a sexy message for me to come bak to

    If you use alll characters ill be ur slave later ;-)

    0 out of 2 people found this review helpful.

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  • Posted May 10, 2014

    Braselton. This is a great book. I spent much time deciding if I

    Braselton. This is a great book. I spent much time deciding if I anted to read it. After reading this book I realize I should have spent more time reading it then thinking about reading it. taxes. cars. Hope you enjoy it very much. Jesus Saves!! Richard Wilder

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted May 2, 2014

    0 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
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