The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value.
by Michael Lewis
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The U.S. stock market has evolved into a system that starkly divides participants into two distinct classes: those who can afford to leverage technology for speed, and those who cannot. The wealthy investors, or "haves," invest heavily in advanced technology that allows them to execute trades in fractions of a second, gaining an advantage over others. This has created a significant disparity in how effectively different market players can operate.

On the other hand, the "have-nots," consisting largely of everyday investors, remain unaware of the intricacies and advantages provided by high-speed trading systems. Their lack of knowledge about the significance of nanoseconds in trading means they are often at a disadvantage, unable to compete in a marketplace increasingly driven by technology and speed. This situation leads to a fundamental inequality in market participation, highlighting the complexities of modern finance.

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January 26, 2025

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