[unknownhedgie]

Yeah, I think there is a tendency to over-simplify the duties of responsibilities of a MM as "printing money", as if it's a passive business that solely relies on existing infrastructure (of course, just the existence of a boat load of directors and MDs all with their niche electronic trading/MM products is an indication it's not so simple, but I digress) and scale -- that is just not true.

I try to explain to retail investors and outsiders interested in markets that this whole operation requires a truly mind-boggling amounts of money and brainpower to keep going on a regular basis, but it's hard talking to people who have never experienced working in the industry.

[dogmayor]

For sure. The infrastructure costs, both initial and maintenence, are astronomical. The underlying infra of a single shop, not to mention the entire market plumbing, is so complex and severely underestimated in general.