Buffett, Munger, Gates Trash HFT

The plain talking man from the flat lands of Omaha, Nebraska, Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)'s Charlie Munger, has straight talk for the HFT lobby, as does Bill Gates and the oracle himself, Warren Buffett.

HFT does civilization “no good at all”

Saying high frequency trading “does the rest of the civilization no good at all,” Munger let loose farmer’s logic from the heartland. High frequency trading is the “functional equivalent of letting rats run in the grainery.”  Rats skimming off the food supply which was the product of other people’s work might be compared to the generally oligarch exclusive “HFT” game where traders use a technical...