> I find the general "Main Street" sentiment toward the profession to be misguided.
> I won't say HFT is the most valuable thing that its practitioners can be doing. I think the (trading) world would operate just fine without all these micro-second level transactions. But they are NOT the next subprime mortgage, and I just hope folks stop commenting on stuff they have no clue about.
Your post is interesting and I learned from it. However you admit that HFT is not the most valuable thing smart people could be doing - this is the reason that many dislike it. HFT provides little value to humanity or society. I do not think this makes me 'misguided' or 'have no clue' and I don't like how this makes it okay for advocates to sweep away concerns about it. We could easily say the same thing: algorithmic trading in itself is misguided: it does not use technology to solve socially useful problems such as global distribution, food production or folding proteins to better understand drug interaction and find cures for disease.
> I won't say HFT is the most valuable thing that its practitioners can be doing. I think the (trading) world would operate just fine without all these micro-second level transactions. But they are NOT the next subprime mortgage, and I just hope folks stop commenting on stuff they have no clue about.
Your post is interesting and I learned from it. However you admit that HFT is not the most valuable thing smart people could be doing - this is the reason that many dislike it. HFT provides little value to humanity or society. I do not think this makes me 'misguided' or 'have no clue' and I don't like how this makes it okay for advocates to sweep away concerns about it. We could easily say the same thing: algorithmic trading in itself is misguided: it does not use technology to solve socially useful problems such as global distribution, food production or folding proteins to better understand drug interaction and find cures for disease.