"If you've read Mohnish Pabrai's The Dhandho Investor, you"ll likely recall a chapter entitled "Use Arbitrage!" If you"ve been following F Wall Street for a while, you"ll remember (and possibly have made money on) Use Arbitrage! The Tribune Company Example. Why do we say you should use arbitrage? In fact, what is arbitrage and is it a strategy for the faint of heart?"