You have to account for the fact that a lot of the algorithmic volume is due to ETF arbitrage. We now have more ETFs than stocks in the US by a wide margin, and each new ETF likely creates another trading opportunity. There are also a lot of factor and smart beta strategies now, which I would classify as more systematic, but these could distort the market more than arb strategies.

Not disagreeing with you, but the arbitrage generally lasts only for a few ms, which makes the article's comment incorrect:

"Visit a trading floor today and you will hear the hum of servers"

In my experience, the machines doing the actual trades are as close as possible to the exchange, generally inside. What's in the trading floor are the client and ML programs that issue the strategies. That said, I've been away from the industry for a few years and it might have changed.

relevant

weak human + machine > machine > strong human

https://curatedintelligence.com/2017/10/20/kasparovs-law/

But strong machine > all?

IE. Chess / Go / Dota 2

lol, no, that's the point.

A better machine is just a tool.

One that someone who's smarter than you is going to use to win at the game of poker.

Hence Kasparov's law. You know, the chess guy.

>A better machine is just a tool

For now.

>Granted I can't read much of the article because it is behind a paywall which seems to be very common on HN.

https://outline.com/nGrnKy

Thanks this looks good