Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.
#1 New York Times Bestseller — With a new Afterword "Guaranteed to make blood boil." —Janet Maslin, New York Times In Michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together—some of them walking away from seven-figure salaries—to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you.
The Times, Observer, Financial Times, New Statesman and Times Literary Supplement Books of the Year 2014 Michael Lewis, the Master of the Big Story, is back with Flash Boys If you thought Wall Street was about alpha males standing in trading pits hollering at each other, think again. That world is dead. Now, the world's money is traded by computer code, inside black boxes in heavily guarded buildings. Even the experts entrusted with your cash don't know what's happening to it. And the very few who do aren't about to tell - because they're making a killing. This is a market that's rigged, out of control and out of sight; a market in which the chief need is for speed; and in which traders would sell their grandmothers for a microsecond. Blink, and you'll miss it. In Flash Boys, Michael Lewis tells the explosive story of how one group of ingenious oddballs and misfits set out to expose what was going on. It's the story of what it's like to declare war on some of the richest and most powerful people in the world. It's about taking on an entire system. And it's about the madness that has taken hold of the financial markets today. You won't believe it until you've read it. 'I read Michael Lewis for the same reasons I watch Tiger Woods. I'll never play like that. But it's good to be reminded every now and again what genius looks like' - Malcolm Gladwell 'Probably the best current writer in America' - Tom Wolfe
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. Editorial ReviewsReview“Michael Lewis is a genius, and his book will give high-frequency trading a much-needed turn under the microscope.” (Kevin Roose - New York Magazine) “Dazzling… guaranteed to make blood boil… riveting.” (Janet Maslin - The New York Times) “If you read one business book this year, make it Flash Boys.” (David Sirota - Salon) “A beautiful narrative, so well-written. You’ve got to get this.” (Jon Stewart - The Daily Show) “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.” (Philip Delves Broughton - The Wall Street Journal) “Michael Lewis knows how to tell a story.” (Vanity Fair) “Remarkable… Michael Lewis has a spellbinding talent for finding emotional dramas in complex, highly technical subjects.” (Financial Times) “Who knew high-frequency trading was such a sexy subject?” (Bloomberg Business Week) “Michael Lewis is one of the premier chroniclers of our age.” (Huffington Post) “Score one for the humans! Critics of high speed, computer-driven trading have a new champion.” (CNN Money) “If you own stock, you need to read Flash Boys… and then call your broker.” (Entertainment Weekly) “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.” (John Aziz - The Week) “Flash Boys richly deserves to be the first chapter in a new discussion of market rules and abuses… Lewis raises troubling and necessary questions.” (The American Conservative) “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.” (James B. Stewart - New York Times) “[Lewis] is a top-flight storyteller.” (Lev Grossman - Time) “A fast-paced tale backed by gutsy reporting.” (Tina Jordan - Entertainment Weekly) “A tour de force that will grab and hold your attention like the best of thrillers.” (Jon Talton - Seattle Times) “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.” (Julie Hinds - Detroit Free Press) “Lewis simply tells the truth.” (Will Deener - Dallas News) “Michael Lewis has another hit on his hands.” (Zachary Warmbrodt and Dave Clarke - Politico) “[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.” (Joe Nocera - New York Times) “Fascinating.” (Steven Pearlstein - The Washington Post) “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.” (Hector Tobar - Los Angeles Times) “As always, Lewis simplifies the complex—and makes it fascinating.” (People) “Recommended… Entertaining.” (San Francisco Chronicle) “Entirely engaging… Illuminates a part of Wall Street that has generally done business in the shadows.” (New York Review of Books)
Follows one young man from his impoverished childhood with a crack-addicted mother, through his discovery of the sport of football, to his rise to become one of the most successful, highly-paid players in the NFL.
The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in Broken Markets, they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly why you're angry, who you're angry at, and what needs to be done!
A Wall Street Journal reporter evaluates the cost and consequences of high-speed trading, arguing that the development of automatic, super-intelligent trading machines is eliminating necessary human interests and compromising regulation measures. 50,000 first printing.