Editor’s letter: The buy side: more exceptions than rules

"We could send our trades by carrier-pigeon and it wouldn't make much difference to us," said Hazlitt in response to questions about the importance of latency to his organisation. His rationale was that if it takes a portfolio manager a fortnight to make an investment decision, what difference would it make to Majedie if that decision was executed in microseconds, milliseconds, or minutes? Naturally, the audience appreciated Hazlitt's witty remark, which turned out to be the highlight of the