TY - JOUR T1 - When Seemingly Infallible Arbitrage Strategies Fail JF - The Journal of Investing SP - 9 LP - 10 DO - 10.3905/joi.1999.319389 VL - 8 IS - 1 AU - Bruce I. Jacobs Y1 - 1999/02/28 UR - https://pm-research.com/content/8/1/9.abstract N2 - 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. ER -