I don't believe this "ex-quant" in the slightest. He's OK on the technical details, but then right at the end, he doesn't make the connection. So, there's no cigar smoking arbitrageur doing the financialization of on-line advertising? I don't think there was one in all the CDO places either - that was an institutional failure, not an individual failure.

But as a consumer with "AdBlockPlus" turned on, I have to just say, "Rave on, Brother".

The cigar smoking man exists. He just doesn't wait a week he dumps it seconds later.