[infecto]

I don’t disagree that people don’t get into HFT because they’re trying to save the world. It is mercenary in the sense that the rewards attract talent. But calling the work itself valueless misses the point, liquidity and price discovery are public goods. You notice them most when they don’t exist, and the cost of capital spikes for everyone.

As for the “bucketloads of cash,” that’s just how competitive advantage in markets gets priced. If firms didn’t deliver something real, the money would dry up quickly. Markets are brutally efficient at punishing dead weight.

Philanthropy is great, give to causes you care about. But it’s worth recognizing that the system enabling those donations in the first place is the same one that relies on liquidity, efficient spreads, and functioning markets.