One enduring feature of both investing and health is time arbitrage. This creates a gap where price and value diverge. David Einhorn of Greenlight Capital is one of many hedge fund managers to speak of time arbitrage. "I think one of the inefficiencies in the market is investors are generically too short-term oriented and time arbitrage is one of the best inefficiencies in the market." Like a molar, long and hidden, a firm's value is deeply rooted in future profits. Rarely does missing a quarter ...
