Courtesy of Larry Doyle.
While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years.
Lewis pays respect to these ‘men in the arena’ who have shined a light on the less than pristine plumbing of our equity exchanges. Specifically on page 202 in a footnote, Lewis writes the following:
*Eric Hunsader, the founder of Nanex, a stock market data company, is a fantastic exception to the general silence on this subject. After the flash crash, it occurred to him to use his data to investigate what had gone wrong, and the search never really ended. “Almost every rock I overturn, something nefarious crawls out from under it,” he said.
Hunsader has brilliantly and relentlessly described market dysfunction and pointed out many strange micro-movements in stock prices. When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis trading, deserves a prominent place in it.”
I fully concur.
I have long held Saluzzi and Arnuk as heroes in the pursuit of promoting real transparency on Wall Street. Shortly after the release of Flash Boys, those longstanding Sense on Cents Hall of Famers pointed me in the direction of Mr. Hunsader and his herculean efforts at his firm Nanex.
Having read much of Hunsader’s work over the last 6 weeks, I echo the sentiments expressed above by Mr. Lewis. A few weeks back, I reached out to Hunsader to draw his attention to my book, In Bed with Wall Street.
I am more than a little bit pleased to share with you some progressively enthusiastic tweets that Hunsader sent out to his 89k followers as he worked his way through my book over this past weekend:
“Reading “In Bed with Wall Street”. Riveting, fast read that will make you furious. Highly recommended.”
“Want to know the real FINRA/SEC? Read “In Bed with Wall Street.”
“Chapter 4 &5 alone of “In Bed with Wall Street” are worth buying the book and your time reading it.”
Hunsader expresses a deep appreciation for the broad based impact of my writing in stating:
“If you think #Flash Boys was explosive, “In Bed with Wall Street” is downright nuclear.”
Saving perhaps the best for last and in words that I hope anybody reading this might embrace, Hunsader tweets:
“”In Bed with Wall Street” is required reading for any citizen concerned about the future of the USA. Well done Larry Doyle.”
Having learned all too well that there are real forces within our social fabric that would just as soon have little to no light shone upon a status quo that allows for scandalous and corruptible practices, I thank Eric Hunsader for his efforts at Nanex and for drawing attention to my pursuit for truth and transparency.
Spread the faith and navigate accordingly.
