[geoffbrown2014]

About 10 years ago while researching market trading ideas, I stumbled across a 1960's transcript of testimony to a congressional hearing by a long time NYSE market maker. While the tone of the entire testimony was mind blowing in its honesty about the actual market making processes, especially given the era, a single quote really changed the way I think. The quote from the trader was simple enough; the price is used as a worm. But coupled with the entirety of the testimony regarding stock and flow management it changed my world view especially the fractal nature of the price action and the fact that left unchecked I am basically biologically programmed to respond to price movement. I was literally walking around for weeks mumbling that the price is a worm. I have been unable to find the transcripts again. I compare these old time market makers to today's supposed liquidity providers and can't help but think, those old timers were heros compared to todays laser riding quant jockeys.