%0 Journal Article %A Bruce I. Jacobs %T When Seemingly Infallible Arbitrage Strategies Fail %D 1999 %R 10.3905/joi.1999.319389 %J The Journal of Investing %P 9-10 %V 8 %N 1 %X 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. %U https://joi.pm-research.com/content/iijinvest/8/1/9.full.pdf