Thanks HN! Although, there is an element of overcompensation in finance, as well as a lot of overconfident people with more testosterone than knowledge, it still does provide hell of a lot of services. I'm happy to see that the HN crowd doesn't really "just believe" whatever is said in that article. True, I agree the management fees are high. However, the argument about HFT is basically "kitchen level" of someone who doesn't know a thing about it and just read some blogs and watched something on TV. HFT firms get paid for providing liquidity in the market. How exact that happens is actually easy to understand, but not many people bother. All these stories about front running "fair investors" are almost a complete fake (there was some issue about flash trading but that has gone away now).
