"In the good old days, the traders were human beings. Now they are computers programmed to trade in..."

"In the good old days, the traders were human beings. Now they are
computers programmed to trade in...": ““In the good old days, the traders were human beings. Now they are

computers programmed to trade in a millisecond not only on news but also on how the other computers are going to react to the news. The result is market movements that contain absolutely no information, except that computers have been programmed. In this situation, any normal human being just gets out of the game and waits a week or so to let the computers destroy each other.”

- http://www.battleofthequants.com/Research/GKDailyReport120809.pdf