“Secondary stock markets are zero-sum. They don’t produce anything, just set prices. I think it’s really sad that so many of the best and brightest minds are drawn into competing with each other instead of creating value for others.

Some sort of stock market, with decent liquidity and abundant information, is necessary for proper functioning of the economy. But the stock market we have, where hedge funds colocate boxes on the exchange so that they can execute trades within milliseconds of new information coming in, is overkill.