“The majority of US Equity HFT is employed in the strategy of liquidity provisioning, also known as electronic market making. Historically, such a service was provided by NYSE specialists and NASDAQ market makers but, with the advent of decimalization, human specialists and market makers were no longer able to keep up with the liquidity demands of investors and automated technology became necessary for this function.”
— Arzhang Kamarei

The quote archive

Society

A growing archive of 3,000+ moments, drawn from every interview.

The French Revolution really is this incredible hinge in the story of Western political thought. For a long time, it was just taken for granted that the French Revolution was the starting point of political modernity.

— Dan Edelstein

For thousands of years of human history—let alone pre-history—there was never this sense, so common to us now, of a future likely to be radically different from the present. There was really a sense that humanity had already reached its peak, and so the question wasn't what comes next that's better, but rather how to prevent decline and loss.

— Dan Edelstein

The industrial age was designed around one group of people making decisions, and a different group carrying them out. That mindset still lingers in our language — 'leaders' and 'followers,' 'blue collar' and 'management,' 'union' and 'executive.' It splits the world into thinkers and doers. That no longer works.

— L. David Marquet

Former Navy submarine captain and author of "Turn the Ship Around!

Status hierarchies help us navigate choices which would otherwise be impossibly complex. It dramatically reduces the cognitive load we face in making decisions.

— Toby E. Stuart

If you get just a little bit of a head start, you can end up racing far ahead. So you end up with very small differences in quality or merit that get amplified over careers or competitions, eventually becoming very large differences over time.

— Toby E. Stuart

Social platforms are bizarrely distortive of how the social world works—soon to be topped by AI, which I think will be even more fundamentally, and even more bizarrely, distortive. What these platforms do is take local phenomena and turn them into global phenomena.

— Toby E. Stuart

Status is kinetic. Those who have it can give it to those who don't.

— Toby E. Stuart

The truth is, any book about pets is really a book about humans. It's not about the pets themselves. I'm always amused when friends send me pictures of their dog or cat, because I'm tempted to write back and say, 'If you're not in the picture, it's a misrepresentation of what's going on.'

— Jay Ingram

Canadian science communicator and former host of Daily Planet

The problem is you cannot achieve all three E's simultaneously. Early work in the subfield of market design shows it's very hard and very unlikely you'll get a hidden market that can successfully allocate things efficiently and equitably in a way that's also easy.

— Judd B. Kessler

Without understanding the rules of the game, you might assume that your outcomes are determined mostly by luck. People who end up unhappy about what they get conclude that they were unlucky or that the system was rigged against them. After enough of these experiences, they believe that's just how the world works.

— Judd B. Kessler

We often talk about misinformation and disinformation, but the deeper issue is the speed and flow of trust, because we're responding to feeling rather than expertise and credibility.

— Rachel Botsman

Author & Leading Expert on the Sharing Economy & Collaborative Consumption

Older generations give their trust to experts and influencers based on who and what: credibility, qualifications, and institutional affiliations. Younger generations, by contrast, trust based on how someone makes them feel.

— Rachel Botsman

Author & Leading Expert on the Sharing Economy & Collaborative Consumption

Being able to trust is actually what makes us human. It's a very innate thing. And often, distrust and mistrust are learned behaviours that start to set in around the age of four.

— Rachel Botsman

Author & Leading Expert on the Sharing Economy & Collaborative Consumption

You feel like a product when you're on these things. You feel like you're selling yourself. But what's amazing is that when you get people in person, actually interacting, much of the time they don't do that same optimisation, especially if you give them just a few nudges.

— Paul Eastwick

Data is showing that the amount of information we're sending them without hope, and the ratio of hope versus negativity, is shutting down the next generation, which is terrifying. They're like, 'Oh my gosh, what's the point? The fire is too big.'

— Ben Lamm

What happened was that people saw their place going down while London was booming. They started to blame each other. We retreat into polarised blame games, and that is very common.

— Paul Collier

Economist specializing in poverty, conflict, and development in Africa