High-Speed Trading Isn't About Efficiency—It's About Cheating

image0...  Then Auerbach turned to life lessons. "Everybody always asks me how to gain a competitive edge," he said, "and I'm always surprised because the answer is so obvious." Eighteen-year old me knew where this was going. He was going to tell us to work hard, that successful people prepare for their luck, yada, yada, yada.

"You cheat."

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