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More Can Be Less in Trading

What Fragmented Liquidity and Entertainment Have in Common

Traders Magazine, March 2008

Bernard McSherry

In his regular op-ed column in the New York Times, David Brooks recently compared fragmentation in the record business to trends we are seeing throughout the economy. The radio stations that routinely played artists like Sly and the Family Stone in the same format as the Carpenters and the Rolling Stones no longer exist. In their place are hundreds of stations, each programmed to appeal to a narrowly focused listening demographic. The same is true in television, where the audiences for today's most popular programs pale in comparison with the viewership attracted by hits like "I Love Lucy" and "M*A*S*H." Instead, scores of specialized programs flourish on cable and satellite television, each targeting a small segment of viewers. But as Bruce Springsteen once lamented, there are "57 Channels (And Nothin' On)."

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