Title: Flash Boys: A Wall Street Revolt
Author: Michael Lewis
First published March 31, 2014
304 pages, Paperback
ISBN: 9780393351590 (ISBN10: 0393351599)
Rating: 4.14
Overview
A must-read for anyone with even the slightest interest in the financial world, Michael Lewis’s #1 New York Times Bestseller, Flash Boys: A Wall Street Revolt, uncovers the shocking truth behind the rigged U.S. stock market. A small group of Wall Street rebels discover that insiders have been benefiting from the rigged system for years, and they’re ready to take action.
Despite leaving behind seven-figure salaries, these iconoclasts come together to expose and reform the corrupt practices of Wall Street. If you have any connection to the market, from a retirement account to a simple interest, this story is unfolding right before your eyes.
Don’t miss out on this game-changing book.
About the Author
Michael Lewis, a well-known writer, has penned several best-selling books, including Liar’s Poker, The Money Culture, The New New Thing, Moneyball, The Blind Side, Panic, Home Game, The Big Short, and Boomerang. He resides in Berkeley, California, with his spouse and three kids.
Editoral Review
Flash Boys: A Wall Street Revolt by Michael Lewis is a riveting exploration of high-frequency trading (HFT) and its impact on the financial world. Published on March 31, 2014, this non-fiction book is authored by Michael Lewis, a celebrated journalist and author who has been lauded for his work on the 2008 financial crisis and other related subjects.
In Flash Boys, Lewis discusses the emergence of HFT, a technique used by traders to gain an edge over competitors through the exclusive use of ultra-fast computers to execute trades at an extraordinary pace. The book primarily follows Brad Katsuyama, a former trader at the Royal Bank of Canada, who stumbles upon a massive corruption scheme on Wall Street.
Katsuyama, along with a group of like-minded individuals, decided to start a new stock exchange that would counter the unfair practices of high-frequency traders. Flash Boys, which is a blend of investigative journalism and narrative non-fiction, provides a detailed analysis of this covert world and sheds light on the inner workings of big banks and exchanges.
Lewis’ writing style is clear, concise, and engaging, providing a wealth of information about HFT without overwhelming the reader. He does an excellent job of providing accessible explanations for complex concepts, making this book a great read for both those familiar with the world of finance and those new to it.
The book covers various themes, including the ethical dilemmas of HFT, the commodification of speed, and the effects of technology on the stock market. Throughout the book, Lewis presents a compelling argument against the unfair practices of HFT and reveals how they have damaged the integrity of the financial system.
He argues that the practice has created a two-tiered market where traditional investors are at a disadvantage. One of the main strengths of Flash Boys is the author’s ability to provide vivid characterizations of the various individuals involved in the story.
The portrayal of Brad Katsuyama and his team members is particularly impressive, making readers care about their success and their fight for justice. Additionally, the book’s pacing is excellent, with the right balance between investigative details and client narratives, keeping readers interested throughout.
However, the book has also faced some criticism from financial experts who have noted that its assertions about HFT are oversimplified and that Lewis’ portrayal of the industry is one-sided. Nonetheless, Lewis has reiterated that the book was not intended as exhaustive research on high-frequency trading, but rather an exposé on Wall Street’s ethical violations.
Overall, one would recommend Flash Boys to anyone interested in finance, technology, and ethical issues related to the stock market. It provides a thought-provoking account of one of the most significant financial scandals of the last decade and sheds light on some of the ethical dilemmas in the financial system.
The book gets a score of 8.8 out of 10, mainly because of its gripping storytelling and excellent portrayal of characters.
