Pass the hours profitably by writing a book about your strategy: Arbitrage for Dummies.

FORBES: Digital Rules

"There's both arbitrage and hedging in this strategy, " Harris says.

FORBES: A charitable hedge

Another strategy is locational arbitrage.

FORBES: Fuel Budgets Quadrupled Since 2004 On Surging Oil Price Volatility

For the federal government to use the SPR and its gold reserves for arbitrage would at least be a strategy.

FORBES: Our Strategic Petroleum Opportunity

If one asserts that buying customers below what they charge them is a corporate strategy, this is in essence an arbitrage game, and arbitrage games rarely last.

FORBES: The Dangerous Seduction of the Lifetime Value (LTV) Formula