Stock trading – 50. In the course of a busy trading day, this can be a nerve-racking procedure.

The stock may move up to 50½ or 51 or 52, or sag to 49 3/4. The rights will fluctuate with the stock. For the cost of rights plus new stock should never exceed the current price of the old. But all these price adjustments are subject to human reaction times, and the tiny spread that gives him an edge is what the arbitrageur fights for. Small as it is, the profit is a known quantity.

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