This is now time arbitrage or, as I say, speculation.

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He was speculating, doing time arbitrage.

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But my best guess is that someone on that risk free arbitrage desk moved from risk free pure arbitrage into very definitely not risk free time arbitrage, or speculation as we should call it, then the market moved against his bet.

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That led to risk arbitrage and some small-time buyouts.

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This is the very first time in modern history that we've seen a prolonged worldwide interval of equity arbitrage.

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