This video in which Manoj Narang and “HFT critic” Haim Bodek take turns promoting HFT and bashing Michael Lewis is pretty amazing. Haim Bodek is an “HFT critic” in the same way that Jimmy Savile is a “pedophile critic.” With Haim singing backup “The entire US stock market is not rigged;” “All of this is old news,” Manoj repeatedly shits out steaming turds which lay stinking on the studio floor. Everyone admires these turds and wonders at his amazing ability to produce gold bars out of his ass. For example, blaming Reg NMS for the tricks that HFT operators use to steal from suckers,
“There’s a very very simple fix to reg NMS that would cure virtually all the ills of the market that people complain about. Things like quote stuffing would disappear. Things like exotic order types like Hide not Slide orders,
they would have no purpose anymore… Endless fragmentation of the market would go away…”
…More bullshit…Order Protection Rule…regulators created a loophole… bullshit…
“That (Reg NMS) created an unlevel playing field (tilted AGAINST the HFT operators). All of these exotic order types that have come up since then are an attempt to ameliorate that and to limit that activity.”
Both Haim and host Rhonda Schaffler smile and nod as they admire this turd. No criticism is uttered. None. Nobody says a word as he weaves a golden curtain out of pure shit.
“They (HFT Operators) have had … a very positive effect on the market in the sense that things like quote stuffing have largely gone away.”
Where is the pushback to this amazing claim? Isn’t anyone going to say anything like “But… HFT operators invented quote stuffing!” Crickets chirp as Manoj continues to sell turds for $1297 per ounce. He goes on to claim that quote stuffing (which has largely gone away now) was never done on purpose; it was just a mistake!
(Quote stuffing) “was an INADVERTENT ERRONEOUS activity that arose naturally from the behavior of how algorithms work.”
Wha…? I’m starting to wonder whether I know what an algorithm is. Are algorithms plucked from mysterious trees in the Amazon jungle, and they just work the way they work, and nobody knows why? Are they grown in caves in a special region of France, and they just have these natural behaviors that nobody can control? Stupid me, I thought that algorithms were invented by humans to perform specific operations in response to specific inputs. Amazingly, Haim and Rhonda sit there smiling and nodding as these massive stinking turds pile up on the studio floor.
Eventually Haim jumps in with some criticism, “I’m very happy with a lot of things Manoj says!” “Lewis was irresponsible.” “Manoj’s firm Tradeworx has commercial solutions.”
What a great debate! I look forward to the next “Wealth Strategies” debate on Reuters TV, regarding pedophilia, starring pedophile critics Jimmy Savile and Robert H. Richards IV, and David Thorstad.
For contrast, here is a real debate in which they accidentally let Michael Lewis have the mike, and he proceeds to mop the floor with Manoj and his HFT-promoting bullshit.