Limits of Arbitrage (Shleifer & Vishny, 1997), image 1 of 11 / 1
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Limits of Arbitrage (Shleifer & Vishny, 1997)

in Stuff I Revisit by Marco Aldeanueva

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Limits of Arbitrage (Shleifer & Vishny, 1997) on “Stuff I Revisit”, a list by Marco Aldeanueva on TheLysts.

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Topic
Why mispricings can persist because arbitrageurs are human, capital-constrained, and scared of red ink.
My take
Required reading before you call something a ‘risk-free trade’ in front of anyone who knows math. Verdict: buy and highlight.

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