(Source: The New York Times – click on link for a larger graphic)
It’s become a technological arms race, and what separates winners and losers is how fast they can move.
– Joseph M. Mecane, NYSE Euronext, quoted in “Stock Traders Find Speed Pays, in Milliseconds”, The New York Times, July 24, A1
Buying stocks used to be about long-term value, doing your research and finding the company that you thought had good prospects. Maybe it had a product that you liked the look of, or perhaps a solid management team. Increasingly such real value is becoming irrelevant. The contest is now between the machines — and they’re playing games with real businesses and real people.
– Paul Wilmott, “Hurrying Into the Next Panic?”, The New York Times, July 29