During the dotcom bubble, I happened to talk to a real live market maker from Lazard Freres at a social event. What struck me was his absolute conviction that he was doing some noble service to the investing public. I thought of a market maker then, as now, as a crook and a leech in a white shirt and tie. I think they need to convince themselves they are socially useful in positive way lest they see the truth and do the right thing by society by jumping off a bridge. They're like the cannibal who says he is keeping population growth under control.

Our strained conversation ended when I referred to a news story about a brilliant software engineer who founded a company to use the engineer's invention, a revolutionary platform that automated stock trading worldwide. (I think the engineer caused a terrific backlash from the usual suspects.)  In any event, the market market from Lazard turned beet red (in suppressed rage) when I asked for his opinion about this possibility. His being very rich and repulsive was the impression the market maker left upon me. .