The Machine and the Risk of Capitulation

The pressure to cave in or capitulate is enhanced by something that you've referred to repeatedly as the machine. When he refers, which he does repeatedly, and I think also commendably, to the machine, he means the way capitalism as an economic system functions. But that's not what you mean. It's the flow. And on this slide, thanks guys. This is really the manifestation of the machine where you've gone from passive being pretty much a nothing burger when I started in this business 25 years ago,. The flow was dominated by hedge fund block trading. To now, if you don't front run the machine...