I'm sure Mark Cuban understands value investing. That's not the issue here. He's not saying you can't still make bets on the future of a company. What he's saying is that because of the high frequency trading, it has become largely more DIFFICULT to be a value investor due to the fact that investing in a company no longer depends solely on said company's success.
When high frequency trading is allowed, the price of a stock becomes influenced by the simple act of trading itself, and while it is true (as @btilly mentioned) that this enables other methods of trading like benchmarking, it discourages investing purely for the sake of supporting the company's growth. THAT was Mark's point. Wall Street's purpose is to INVEST in companies, not to microtrade the crap out of their shares until the stock price is so volatile you'd think the CEO was schizophrenic.
When high frequency trading is allowed, the price of a stock becomes influenced by the simple act of trading itself, and while it is true (as @btilly mentioned) that this enables other methods of trading like benchmarking, it discourages investing purely for the sake of supporting the company's growth. THAT was Mark's point. Wall Street's purpose is to INVEST in companies, not to microtrade the crap out of their shares until the stock price is so volatile you'd think the CEO was schizophrenic.