Brett Harrison: belief

Transcript context

…Okay? So that's sort of like a contingent potential benefit. People tell us a little story about NASA, right, in this case, literally microwaves that they subsidize a lot of the science that ended up becoming becoming into products. So that's an interesting account of the benefits of finance, that it has the same yeah, whatever tricks they come up with might be useful elsewhere. But that's not a story about how it's directly useful to have nanosecond level latency for filing your Apple stock or something like that. Why is that useful directly? I mean, if there is some kind of news that happens in one part of the world and that should affect the current price of stock in a different part of the world. I think that if you care about efficient markets, you want the gap between source of truth events and ultimate price discovery to be as small as possible. I think if you believe if you want to question whether getting a few extra milliseconds or microseconds or nanoseconds is worth it, I think you're then putting some kind of value judgments on. What. Is the optimal time it takes to get from to price discovery and saying a second is too slow, but a millisecond is too fast, or a millisecond is too slow, but a microsecond is too fast, and I just don't think we're in a position to do that. I think we kind of always want as close to instantaneous price discovery as possible. I'm only asking more about this because this is really interesting to me. There are some level of resources where we would say that at this point it's not worth it, right? Let's say $5 trillion a year was spent on getting it down from like, two nanoseconds to like, 1. Know that's probably not a realistic number, but just like there is some margin at which for some weird reason that there's society or just spend so many resources on it, would you say that we haven't reached that margin yet where it's not socially useful? The amount of brain power and resources that are spent on getting these tight.…

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