Your generosity knows no bounds. I'll put you on my Christmas card list.
So Lewis published an entire book, along with the entire team required to do that, criticising one of the most vocal, aggressive segments of society, all based on a stupid premise, knowing that the trading community would shoot him down in flames of derision and easily haul his reputation across the hot coals of public embarrassment? Huh. Note to self - don't take publishing advice from Michael Lewis.
Not forgetting of course the innumerable reporters, editors and media managers who have published sympathetic accounts of Lewis's book?
The point is, if you buy them simultaneously, there is no opportunity for the market to respond to the increased demand. Sellers have merchandise to sell, they determine an appropriate sticker price that they feel will shift their product at an appropriate speed and margin, and they advertise that price, and will witlessly sell 5k PS4s at that price, in utter ignorance of the purchases from other suppliers.
If, however, they get to hear about it, and they suspect someone is buying up all the PS4s in all inventories, they would be silly not to raise their prices, and their investors would certainly kick them if they didn't.
But they can only hear about the purchases if there is not one moment in time that the purchases occur.
The equities market may have improved, but again, if one trader can exploit the system and divert profit to themselves that they would not have captured were the system working correctly, then the system needs to be fixed.
If all 401K holders realised that 5% of their growth was being siphoned off as margin due to a fractured system, they'd be angry. As luck has it, the average Joe doesn't understand the possibilities for that, and no-one within the financial community wishes to publicise the possibility.
You're defending the market and its practices; fair enough. Are you a participant? I am not. But let's be clear so we understand points of view.