He could see only one way to exploit this grotesque market inefficiency: trade himself.

"If you are a couple seconds faster in terms of spotting and executing a market inefficiency, obviously you're going to make money."

"Enron could have done extremely well with betting on market inefficiencies and hedging bets," he said.

Because this judgment is not obviously wrong on its face, the market's behavior cannot be used to prove market inefficiency.

Therefore, the profit opportunities are not fully exploited, and it can be said that arbitrage is a result of market inefficiency.

Such errors affect prices and returns, creating market inefficiencies.

It also investigates how other participants take advantage (arbitrage) of such market inefficiencies.

Looking for issues without research coverage, he said, "can be a fruitful way to exploit market inefficiency."

And their silence creates market inefficiencies that benefit only one set of people - their employers.