This is usually true; but in this case he&#x27;s parroting a data &quot;analysis&quot; that excluded 99+% of IEX&#x27;s orders.  Essentially, in &lt; 1% of types of trades, IEX underperforms, in the rest it outperforms.<p>However, the IEX opponents decided to pretend that this minuscule fraction of trades was important, and Matt Levine was either careless in believing this; or he purposefully wrote a dishonest and misleading article.<p>I won&#x27;t state which it is, but he&#x27;s a smart guy... it&#x27;s hard to believe that he&#x27;d make such an egregious error by accident.