I'm not a big fan of posting straight links, but my brother e-mailed me this post from Mark Cuban's blog from a few days ago. I'm interested in what people have to say about this.
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i read this sentence and have concluded this guy does not know anything:
"The market is no longer driven by shareholders. The market is driven by formulas that drive trades."
I have no idea what his background is or why he is qualified to be taken seriously, but he clearly misunderstands the purpose of the different participants in a stock exchange.
I just read this on Seeking Alpha and was going to post this myself. I'm not sure I agree with everything he is saying, but I can see where he is coming from and why he would say that the markets are controlled by the banks (Even Dave Rosenberg makes some mention of this in his morning commentaries)
^^^Uh...ya think?
Up to 70% of daily volume is freq trading.
Is all freq trading done by banks?
I'd say it's 75% Hedge Funds and firms, 25% banks.
At least that's my perception of the American side of High Freq trading
And what about professional sports? Talk about people making way to much fucking money for no reason.
At least Wall St provides a service for people, you're telling me that Lebron James and Carmello would go to a different profession because they could only be paid 1MM a year?
Yeah I doubt that. Cap athletes pay Mark, and then say what ever you want about Wall St.
If he wants 25¢ per share, then we'll do reverse splits.
Mark Cuban is a bell end.
He's just angry because the mavs can't get out of the first round.
Hey if they want to add another 10,000 pages to the tax code, I'd say bring it on. Just more jobs for tax lawyers, first writing, then circumventing, those pages.
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