Big investors = agents of little guys + rich people.
Little investors = all little guys.
Lewis is shilling for a group which is disproportionately not the little guy.
Further, skewing the market in favor of the big guy is just a way to ensure that the big guys can rip off the little guy. Once the little guy is forced to subsidize liquidity for the big guys (as Lewis wants), he might as well just pay a mutual fund the 50bps management fee rather than managing his own 401k.
Little investors = all little guys.
Lewis is shilling for a group which is disproportionately not the little guy.
Further, skewing the market in favor of the big guy is just a way to ensure that the big guys can rip off the little guy. Once the little guy is forced to subsidize liquidity for the big guys (as Lewis wants), he might as well just pay a mutual fund the 50bps management fee rather than managing his own 401k.