Frank Quattrone

I was fortunate that I came out to the Valley in 1979, when I came out to go to Stanford Business School, and my very first assignment as a teaching assistant for an investments professor was to - he told me go down to this computer company in Cupertino called Apple.

The lower spreads mean lower costs for investors, because Nasdaq investors generally do not trade directly with one another. Instead, they usually buy and sell from market-makers, brokerage firms that flip shares between buyers and sellers and keep the spread for themselves.