A Quote by Alex Berenson
Electronic communications networks match trades between investors directly, without using a market maker or specialist as an intermediary.
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On the New York Stock Exchange, all buy and sell orders are routed through a single 'specialist,' guaranteeing that most small trades can be matched directly. But most larger trades are delivered to the specialist on the floor of the exchange by human brokers, a system that big investors view as increasingly inefficient.
The lower spreads mean lower costs for investors, because Nasdaq investors generally do not trade directly with one another. Instead, they usually buy and sell from market-makers, brokerage firms that flip shares between buyers and sellers and keep the spread for themselves.
Citadel's Capital Market division plays an important role in our nation's financial markets. Our broker-dealer is the largest market maker in options in the United States, executing approximately 30 percent of all equity option trades daily.
I think it would be frustrating to be a match maker. "What do you do?" "I'm a match maker" "Aw, that's really romantic" "No, umm... I actually... never mind"
I was working in email in the early days in the late '80s, and people weren't using electronic communications at all in the way we take for granted today.
Ever since we've had electronic communications, and particularly during a time of war, presidents have authorized the electronic surveillance of the enemy.
In a sense, communications networks can be defined entirely by who has cryptographic keys, and I think a lot of networks will work that way in the future.
We shall say that we have acquaintance with anything of which we are directly aware, without the intermediary of any process of inference of any knowledge of truths.
To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in any sort of a contest - financial, mental or physical - it's an enormous advantage to have opponents who have been taught that it's useless to even try." I believe that over time value investors will outperform the market and that choosing to match it is both lazy and shortsighted.
Ultimately, the success of America's market economy depends on trust. This includes trust between buyers and sellers, between lenders and borrowers, and between investors and the companies in which they invest.
His Divine Goodness asks that we never do good in any place to make ourselves look important but that we always consider Him directly, immediately, and without intermediary in all our actions.
One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
Perhaps storytellers don't need to care as much about the future as executives and investors do. After all, isn't it possible that technology will enable storytellers to connect directly to their audience without the need for anyone to share the programming decisions or the profit in between? Don't bet on it.
I'm a believer that you accomplish much, much more with direct relationships than by using an intermediary. And that cash you keep in the bank can be the difference between staying alive as a small business, or not.
Just because we say networks are important doesn't mean that networks explain everything. We're just adding additional information. Networks don't work like a match - they work like a magnifying glass.
Strong credit markets give companies borrowing options to boost their stock prices while making bearish investors scramble to close out trades before losing any more money, both of which then push the stock market even higher and continue the self-reinforcing bullish cycle.
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