PT  - JOURNAL ARTICLE
AU  - Bruce I. Jacobs
TI  - When Seemingly Infallible Arbitrage Strategies Fail
AID  - 10.3905/joi.1999.319389
DP  - 1999 Feb 28
TA  - The Journal of Investing
PG  - 9--10
VI  - 8
IP  - 1
4099  - https://pm-research.com/content/8/1/9.short
4100  - https://pm-research.com/content/8/1/9.full
AB  - Seemingly infallible arbitrage strategies can fail. When they do, they can take the markets down with them. The near collapse of Long-Term Capital Management parallels the experience of portfolio insurance in 1987.