Do you consider yourself an investor or a trader?
The answer matters because there’s a big distinction between the two. It’s also an answer that will help you make sense of the current sideshow entertaining most of Wall Street: Michael Lewis’s latest book, “Flash Boys: A Wall Street Revolt.”
Starting on Sunday with an interview on “60 Minutes,” Mr. Lewis introduced the concept of high-frequency trading to the general public. Before this week, I’d be shocked if more than a handful of you had used the words “high-frequency trading” in a conversation. But as of today, with C.E.O.s arguing on live TV, the Federal Bureau of Investigation asking for help with a multiyear investigation, and the Securities and Exchange Commission working with the F.B.I. to uncover other abuses, high-frequency trading sounds like one of those “really big deals.” But it’s not — if you’re an investor.
Read the rest of the article on the New York Times.