Book of the week: Flash Boys: A Wall Street Revolt by Michael Lewis

Michael Lewis's description of how high-frequency traders use lightning-fast computers to their advantage is “guaranteed to make blood boil.”

(Norton, $28)

Wall Street has always attracted thieves, and a new class of bandits has just been flushed out of the shadows, said Janet Maslin in The New York Times. In his “dazzling, troublemaking” new book, the best-selling writer Michael Lewis describes how high-frequency traders are using lightning-fast computer servers to jump between sellers and buyers on millions of electronic trades each day, adding a toll on trading that raises costs for everyone else. The author of Moneyball and The Big Short has a talent for finding “clear, simple metaphors for even the most impenetrable financial minutiae,” so any reader will be shocked by the discoveries he’s made about how the market is rigged against ordinary investors. Flash Boys is “guaranteed to make blood boil.”

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

“It is not hard to imagine a different book by Michael Lewis,” one that flipped the frame on the very story he tells, said Philip Delves Broughton in The Wall Street Journal. In that alternative history, the high-frequency traders would be the -underdogs—“a cadre of innovative engineers and computer scientists rising from the rubble of 2008 and making fools of a plodding financial system.” If nothing else, Flash Boys confronts readers of every persuasion with an invaluable, uncomfortable truth, said Matt Phillips in Qz.com. Six years after the financial crisis, no one has a clue how the market truly operates. “It’s not just the general public that doesn’t understand how things work”; it’s also “the biggest names in finance.”