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A comment on Norway Wealth Fund Outsmarts Flash Boys as Algorithms Abandoned. Parent comment

Re:Norway Wealth Fund Outsmarts Flash Boys as Algorithms Aba... by snowwrestler on Monday November 17, 2014 @03:22PM (#8620290)
Speculation is providing liquidity. I don't understand how you could do one without the other.
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Re:Norway Wealth Fund Outsmarts Flash Boys as Algorithms Aba... by encoderer on Monday November 17, 2014 @03:56PM (#8620496)
> Speculation is providing liquidity.

Right, but the inverse isn't true. Not all liquidity is speculative. And third party market makers are surely making money from providing liquidity but not by taking the other side of a trade.

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