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By Jason Stipp and Jeremy Glaser | 04-03-2014 03:00 PM

The Friday Five

High-frequency hype, economic moats in action, and a bumpy road for GM.

Jason Stipp: I'm Jason Stipp for Morningstar, and welcome to The Friday Five: five stories from the market this week and Morningstar's take.

Joining me with The Friday Five is Morningstar markets editor Jeremy Glaser.

Jeremy, thanks for being here.

Jeremy Glaser: You're welcome, Jason.

Stipp: Top story this week: Michael Lewis' new book put high-frequency trading front and center, but is this something that individual investors really need to have on their radar?

Glaser: High-frequency trading is nothing new; it's been going on for years now. But with this book and the 60 Minutes segment, and The New York Times excerpt, it's really come to the forefront of public consciousness.

Michael Lewis is using some pretty strong language, saying the market is "rigged," and that individual investors just don't really have a shot. I think this is probably somewhat misleading based on the timeframe that you're looking at.

I think that Lewis is absolutely right that, when it comes to competing directly with a high-frequency trading firm, individuals obviously don't have a shot. And that high-frequency firms are probably at the margin creating some extra costs when it comes to trading--mainly for big institutional firms but maybe for some individuals also.

Morningstar's John Rekenthaler had an article on this week pointing out that the big losers here really are some of these institutions, who trade a lot, versus individuals, who hopefully aren't trading that much, and this is probably another sign that that you shouldn't be.

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