As a side note, if you are an outsider who is at all interested in finance and are a well-educated person, Matt Levine (the writer of this article) is one of the finest sources of information. His articles are accessible, thorough and well thought out.
Can you expand on this more? I'm looking to learn about finance, but it all seems so... overly complicated. It's hard to digest information when the simple stuff is hidden behind tons of terminology. I will definitely look more into Matt Levine. Any other recommendations for how to learn more about finance in general?
This is usually true; but in this case he's parroting a data "analysis" that excluded 99+% of IEX's orders. Essentially, in < 1% of types of trades, IEX underperforms, in the rest it outperforms.
However, the IEX opponents decided to pretend that this minuscule fraction of trades was important, and Matt Levine was either careless in believing this; or he purposefully wrote a dishonest and misleading article.
I won't state which it is, but he's a smart guy... it's hard to believe that he'd make such an egregious error by accident.
Huh? He explains this all in the article very clearly. He addresses the issue Citadel brings up but then demonstrates how unimportant it is to retail investors.
