The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

Everything, in retrospect, is obvious. But if everything were obvious, authors of histories of financial folly would be rich . . .

The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.

The Red Sox are the local scapegoats. It's hard enough to play baseball without being the local scapegoat too.

The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.

The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so.

When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.