03 May 2013 Charlie Munger: HFT is Legalized Front-Running ( Portfolio )
"I think it is very stupid to allow a system to evolve where half the trading is a bunch of short-term people trying to get information one-millionth of a nano-second ahead of somebody else. It’s legalized front-running; I think it’s basically evil and it should never have been able to reach the size that it did…why should all of us pay a little group of people to engage in legalized front-running of our orders?"