The Big Losers Are Not Mom and Pop Investors

The people who are thriving in that ecosystem are actually at the margin making money from it. The big losers, and now our big losers here, are the big real money investors. No one really sees it because it's just a bunch of execution traders,. obscure pension funds who are tearing their hair out every day Trying to optimize their VWAP, which stands for volume weighted average price. But it's a hidden problem, but it's a very expensive problem and it's an unsolved problem.