That's the history of Finance in general. I remember reading The Predators' Ball and that describes the lucrative market making of Milken & DBL in the new Junk Bond market. Drexel was literally the only market maker for newly created high yield issues, mainly run through Milken's Beverly Hills office. That's also how Milken set up his LBO funds by getting his clients who make a lot of money via Junk Bonds to invest in his takeover candidates. Nelson Peltz was one of his biggest clients along with Steve Wynn.
The other day I was watching the tastytrade stream on YouTube. I like them, don't get me wrong, but Tom was trying to describe what they did when they were pros in a very convoluted way and Batista jumped in straight away and said "we were market makers". Well, there it is.
Yes I did, but whether it's good or not is up to you to find out. But I did spill my beans about it earlier this year. Click on the following quote (the arrow at the top will take you to the original thread).
Thanks schizo. I kinda got the impression from the vid that he was a guy who had lost (part of) his mind and now was on a mission to save the world. A bit like Harrison Ford's 'Henry'. Still, I might read the book - when I feel a need to have a break from the serious stuff and indulge myself in some drama. Thanks - I'll check these shortly.
I know right...would we be talking about this dude if he was trading out of his basement? Nope. Are you planning on working for an investment bank? Nope. So he has absolutely nothing to offer you. These guys aren't traders...anymore than vin diesel was in the movie boiler room. The game is rigged in their favour ..the best traders out there are retail traders/reddit traders.
in 2001, I heard the same thing. There was talk that the trading floor wouldn’t exist in 10 years. Our groups headcount never went down, it only grew: New innovations, more complex risk, greater volumes, and more services. in those 23 years many many people started as an intern and retired wealthy.