Of course there’s no “perfect information” (why quote something I didn’t say?), just available information.
The sentiment is that arbitrage opportunities are rare and typically disappear before they can be exploited. Again, no one would claim that they don’t exist period — that’s the whole reason the joke is funny.
Honestly, if you look around and see “unexploited arbitrage” then you should be wealthy. I don’t personally see many $100 bills as I walk around, to use the metaphor from the joke.
The sentiment is that arbitrage opportunities are rare and typically disappear before they can be exploited. Again, no one would claim that they don’t exist period — that’s the whole reason the joke is funny.
Honestly, if you look around and see “unexploited arbitrage” then you should be wealthy. I don’t personally see many $100 bills as I walk around, to use the metaphor from the joke.