Good spectator sports share certain fundamentals. Their competitors battle head-to-head. Their winners are determined objectively: fastest runner, most points. They are refereed, not judged.

On the New York Stock Exchange, all buy and sell orders are routed through a single 'specialist,' guaranteeing that most small trades can be matched directly. But most larger trades are delivered to the specialist on the floor of the exchange by human brokers, a system that big investors view as increasingly inefficient.

Downhill track sports like luge are technology battles, as exciting as a NASCAR qualifying day.

Alex Berenson Quotes