[saraid216]

> My point is that most businesses don't need to exist, but there is opportunity in both short and long term arbitrage that isn't durable or sustainable, but many times can be quite profitable.

I'm not sure your point here follows. Arbitrage is supposed to express a need, isn't it? (IANAEconomist)

[001sky]

No, arbitrage is mechanical or intermediate step in the elimination of a pricing discrepancy between two markets or market participants. It is usually implied as one that is taking no net or residual risk in the underlying asset. It need not exist, per-se, as with dispersed time and information (and threshold efficiency) the market participants would adjust their bid/ask prices in its absence (eventually).