How do you know Vanguard disagrees with me when I haven't even stated a position. I'm posing a loaded question hoping that someone can make an intelligent and factual argument as to why the sanctioned behavior that the SEC believes is illegal does or does not in fact cause any harm to retail investors. The Nanex commenter does that pretty well, and I think frames the proper issue (if we care about the "morality" of this) as not having to do with HFT at all. If we accept this, it means that my earlier comments here were irrelevant to the topic, as are yours and the comments by other HFT defenders in this thread.
Perhaps he is referring to your comment I have to think that at some level, HFT will result in higher prices paid by brokers and their clients
From the Vanguard comments: This roughly 25% decrease in the end
value of the investment demonstrates the impact of reduced transaction costs on longterm
investors.
So perhaps you didn't state a position, but you posed a thought (I have to think that at some level) or question and Vanguard rather decisively answers that question.
