Y’all, I’m getting so close to my goal of 50! This is already my second best year overall. I’ve decided that I’m going to include every review I write for the last few books of the year on here. This is the first.
The stock market is rigged against the average investor by every other party taking part in the market. That’s what Michael Lewis explains so thoughtfully in this book.
This was the second book I’ve read by Michael Lewis. This was the second time he’s left me thoroughly impressed.
Fair warning, the subject matter of the book is not just the stock market, the focus is on high frequency trading and dark pools and the fractured nature of exchanges. All of it is highly complex and not easily understood even by the financial professionals who work within the system. This isn’t my takeaway, it’s shown throughout the book. But he manages to make these extremely complex practices understandable. Sure, I won’t be giving a Ted Talk on high frequency trading, but upon completion I understand the story he was trying to tell.
What nonfiction often struggles with is leading up to something, a climax or grand event that acts as the high point of the story. Somehow he writes this exactly like a fiction novel. Toward the end of the book Brad Katsuyama (with plenty of help from his small, but highly talented group) launched IEX, their new stock exchange meant to level the playing field and protect investors from the predatory trading practices found elsewhere. Reading the description of what happened that first month is as good as any writing I’ve ever read. As a reader it gave me goosebumps to read about this band of people joining together to take on the entirety of Wall Street. A small minority that needs just a little help from the silent majority to quite literally change the world.
5 stars. No doubt.