I believe that it is extremely wise and helpful for all investors to ask questions about a very murky and little-understood style of trading, lately labeled HFT. Dark pools? Predatory? How so? Who plays? What’s the angle? We make no value judgement in general on investing styles, but we do ask questions when one group is catered to at the expense of other groups. We have heard our motives questioned more than we’d like to have, and questioned in personal attack-style language from slick ex-lawyer types. We won’t play that game. We have been taught that when you wrestle with
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