2008-05-23

Mauboussin on Strategy: The Failure of Arbitrage

Michael MauboussinMichael Mauboussin's latest article about "The Failure of Arbitrage - Leverage, Liquidity, and the Persistence of Inefficiency".

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There is solid literature on the limits of arbitrage under normal conditions, when arbitrage opportunities tend to be steady and small. 15 Our emphasis here is on the failure of arbitrage in periods of financial crisis, where price-to-value gaps are wide and investors can put substantial capital to work at attractive returns. In financial stress, we see:
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