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I majored in business administration with finance as a sub major and thought I knew how Wall Street worked. Turns out I was just as ignorant as everyone else. This book takes technical boring issues and makes them easy to understand and compelling enough to keep your attention. It was well paced, kept the finicial jargon to a minimum, and still remained brutally honest throughout. This is a must read for anyone who wants to understand American finance in the 21st century and how it has changed in a way that screws individual investors 99% of the time.
7 of 7 people found this review helpful
There was a temptation to write my review before I had finished reading. To get there first before other reviewers. This race to be first, however, sometimes requires a pause, a reflection about what speed, transparency, fairness all actually require from individuals and companies. The world of finance is often opaque. Between executing a trade with your broker and another individual accepting that trade through their broker there is a ghost world operating on mico-slices of a second. It is a world filled with algorithms that are all focused on a zero-sum game where the individual seems to lose every single trade. It is a wild west were everyone is getting the shaft, except for the large banks and the high-speed traders.
No one is better at exploring the technical world of money and finance on Wall Street (and in Sports) than Michael Lewis. His talent is most obvious in his ability to spot inconsistencies, absurdities, and flaws in a system and explain them using great characters and narratives that the characters tell themselves. There is no Moneyball without Billy Beane, there is no Blind Side without Leigh Tuohy and Michael Oher, and there is no Liar's Poker without John Meriwether and John Gutfreund. There would also be no Flash Boys without Sergey Aleynikov, Brad Katsuyama and Ronan Ryan.
These characters MAKE this book great. Lewis, however, is what makes this story vibrantly great. He is a master of the New New Journalism narrative, a master of timing, and a master of getting to the story before the other suckers do. And... he appears to do it not just because he is fantastically good at it, but from all appearances because, like Brad Katsuyama, Lewis actually gives a micro-F about making the system deliver on its promise
84 of 95 people found this review helpful