There’s always another reason for small investors to stay out of the individual stock investing game, but this point sometimes produces an unusual twist. From watching 60 Minutes or Today, you may think small investors are being disadvantaged by high-frequency trading. They might or might not be. Here’s an author who thinks they’re not hurt. But an incidental point in the article is raised by a former chief investment office at my favorite mutual fund company. Here’s the key point: “Rather than decrying speed traders, Sauter praised the benefits it had brought to him and his clients. By his estimate, speed traders helped him save him more than a $1 billion a year.” Improvements in the technical efficiency of markets help those who buy and hold index funds.