> Big investor. If you are a retail investor, the HFTs don't know about you until after your 2 lot trade is finished.

Doesn't that obfuscate the fact that most retail investors interact with the market via various funds and intermediaries - which in turn collectively makes them a "big" investor?

Big investors = agents of little guys + rich people.

Little investors = all little guys.

Lewis is shilling for a group which is disproportionately not the little guy.

Further, skewing the market in favor of the big guy is just a way to ensure that the big guys can rip off the little guy. Once the little guy is forced to subsidize liquidity for the big guys (as Lewis wants), he might as well just pay a mutual fund the 50bps management fee rather than managing his own 401k.

Many big investors, e.g. mutual funds, trade on behalf of retail investors, so everyone is screwed. That was one of Lewis's core arguments in the book.