From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: X-Spam-Checker-Version: SpamAssassin 3.1.3 (2006-06-01) on yquem.inria.fr X-Spam-Level: * X-Spam-Status: No, score=1.5 required=5.0 tests=AWL,DNS_FROM_RFC_POST autolearn=disabled version=3.1.3 X-Original-To: caml-list@yquem.inria.fr Delivered-To: caml-list@yquem.inria.fr Received: from mail4-relais-sop.national.inria.fr (mail4-relais-sop.national.inria.fr [192.134.164.105]) by yquem.inria.fr (Postfix) with ESMTP id B5725BBC4 for ; Mon, 16 Mar 2009 15:24:16 +0100 (CET) X-IronPort-Anti-Spam-Filtered: true X-IronPort-Anti-Spam-Result: AkEBAGn9vUmArgVgkWdsb2JhbACVQgEBAQEJCwoHEQSxfIxxB4N4Bg X-IronPort-AV: E=Sophos;i="4.38,373,1233529200"; d="scan'208";a="36620871" Received: from expredir5.cites.uiuc.edu ([128.174.5.96]) by mail4-smtp-sop.national.inria.fr with ESMTP/TLS/DHE-RSA-AES256-SHA; 16 Mar 2009 15:24:15 +0100 Received: from axyr (aryx.cs.uiuc.edu [128.174.236.106]) by expredir5.cites.uiuc.edu (8.14.2/8.14.2) with ESMTP id n2GEOBAW019175; Mon, 16 Mar 2009 09:24:11 -0500 (CDT) To: yminsky@gmail.com Cc: Yoann Padioleau , caml-list@yquem.inria.fr Subject: Re: [Caml-list] caml trading References: <891bd3390903131252t7feb059aq94f56b0a4d2efbf3@mail.gmail.com> <87hc1wyl9q.fsf@aryx.cs.uiuc.edu> <891bd3390903141025w3d0580dbgf97ab4f40386903d@mail.gmail.com> From: Yoann Padioleau Date: Mon, 16 Mar 2009 09:24:02 -0500 In-Reply-To: <891bd3390903141025w3d0580dbgf97ab4f40386903d@mail.gmail.com> (Yaron Minsky's message of "Sat\, 14 Mar 2009 13\:25\:04 -0400") Message-ID: <87d4chy29p.fsf@aryx.cs.uiuc.edu> User-Agent: Gnus/5.11 (Gnus v5.11) Emacs/22.1 (gnu/linux) MIME-Version: 1.0 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable X-Spam: no; 0.00; yaron:01 minsky:01 yminsky:01 2009:98 arbitrage:98 wrote:01 caml-list:01 writes:01 caml:02 seems:03 fri:05 banks:92 flavor:08 trading:90 selling:89 Yaron Minsky writes: > On Fri, Mar 13, 2009 at 8:56 PM, Yoann Padioleau wro= te: > > > Having said that, about your company, Jane Street, > aren't you part of the people that put the countries in such trouble ? > Do you create wealth ? It seems you are just a parasite ... that > exploits some loopholes in the system. > > > What Jane Street does is very far from the part of finance---and the ways= of > thinking---that caused these troubles.=C2=A0 You can't just lump all of f= inance > together as "the guys who caused the trouble"; that would be like condemn= ing > all engineers for > > http://www.youtube.com/watch?v=3DP0Fi1VcbpAI Sure.=20 > > The beginning of the talk gives a flavor of role that Jane Street actuall= y does > play in the markets, so that's a good thing to watch if you're interested. I did watch the video, that's why I asked the question. From the video it sounds like your are buying and selling things on the market at the micro-second level. I don't see any value, any wealth created doing that. The only thing that come to my mind is that there should be a law that forbid such micro-transactions. I can see the value of banks, of investors, I don't understand the value of "arbitrage". To make money flow better ? ... > > y