The New Game

作者:Victor Niederhoffer
日期:2011/07/13

Part of the new game seems to be to make each favorable price last for such a small nano-second that it's impossible for a person not a champion video gamer to place an order. Thus the only way to get those favorable prices is with the limit orders. And because of the unlimited capital, ability to borrow at zero, bailout investments, purchase of all non-performing assets at favorable prices from the tarps, ability to pledge non-performing assets at face value, and placement of their physical facilities at the exchanges themselves, and programs and technology and rebates that give them the first crack and priority at any limit price level, you can't compete with the cronies and banks on the limit orders. So it's catch twenty two. Only a Sholem Alechem could appreciate the impossibility of this situation. You can't compete unless you wear official clothes, but if you wear the official clothes, you're a flexion or worse.