Find out how stock-trading REALLY takes place today, and the damage it has done to capital formation.

"Read this book before you invest a penny in the stock market."
                      -Mark Cuban, owner of the Dallas Mavericks

“In The Matrix, Morpheus, before giving him the red pill, asks Neo : ‘You're here because you know something. What you know you can't explain, but you feel it. You've felt it your entire life, that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad.” While Arnuk and Saluzzi will not expose every dark corner of the ‘matrix’ that our capital markets have become, they will provide the clues to aid you in your quest to understanding just why ever more people withdraw from trading fully aware that ‘there’s something wrong.’ Morpheus also asks: ‘Do you want to know what it is?’ To all who answer yes, and take the red pill, read this book.”
                        -Tyler Durden, Zero Hedge

"Markets now trade in microseconds – faster than light itself can get from the NYSE to midtown Manhattan.  This “arms race” for excessive speed appears to benefit Wall Street ultra-short-term traders over long-term investors, causing more than a few “flash crashes” along the way.  How did we get here?  While Wall Street players have always had advantages, Arnuk and Saluzzi intuitively piece together how High Frequency Trading, for-profit exchanges, fragmentation, regulatory changes, and a “need for speed” over the past 20 years have dramatically shifted benefits from investors to short-term traders in our increasingly fragile markets.  A must-read for anyone concerned about investors, trading, and the long-term health of US stock markets."
                        -Professor Michael Goldstein, Professor of Finance at Babson                                     College

"Arnuk and Saluzzi are the Woodward and Bernstein of the securities markets. Their gutsy, dogged sleuthing exposed the perverse market effects of robotic trading and predicted an event like the Flash Crash of 2010, long before blinkered market regulators had a clue.  The two crusaders deserve a medal for looking out for investors."
                       -Jim McTague, Washington Editor at Barron's

“Who broke the Stock market? The NYSE and NASDAQ, that’s who. They sold the investing public down the river so co-located algo driven servers of high frequency traders could steal billions by front running grandmas mutual fund. The horrific truth about this legalized theft is all here in black and white. Read it, and you will never so much as invest one thin dime in US equities again.”
                    
    -Barry Ritholtz, CEO of FusionIQ, author of Bailout Nation, The                                   Big Picture website, and Bloomberg personality

"Bewildered by 'casino capitalism'? Stunned by waterfall declines in individual stocks – not to mention the entire market – that reverse in the space of an hour or two? Perplexed by the evident schizophrenia in traders’ herd-like embrace of “risk on” and “risk off”  often many times a day? Gab smacked by the spectacle of major market averages climbing to new highs while investors pull hundreds of billions out of equity mutual funds – and trading volume evaporates? Frustrated – or mad as hell – that no matter how carefully you try to trade, someone always beats you to the punch?  READ THIS BOOK. Sal Arnuk and Joe Saluzzi are rarities on Wall St. Genuine market pros in every sense of the word “genuine.” With the integrity to match. And investigatory enterprise and zeal that meets and exceeds any I’ve seen in nearly 40 years as a financial journalist.. Sal and Joe explain in wonderfully clear language how, instead of banning card counters, as they do in Vegas, Wall St. has re-made itself over the last decade or so to not only stack the deck in the card counters’ favor but to enable them to do so via ever-faster computer networks and algorithms, that leave not only ordinary investors but many sizable institutions, like pension funds, with worse odds than on a lottery ticket. There’s more, much more, in Joe and Sal’s book; it’s quite simply a must-read, if you care about your capital – or the future of our capitalist economy."
                        -Kate Welling, former founder, editor, publisher at Weeden & Co.                               LP, Welling@Weeden, former Managing Editor at Barron's

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