I read a book by a guy who was a PhD mathematician who made a living for a while playing on-line poker. He said when he first got into it, it was easy pickings, there were a lot of terrible players, suckers, throwing away money. But over time, the suckers got tired of losing and the sharks were playing each other. It got harder and harder to win and eventually, he started losing and dropped out. It went from easy money and better than a paycheck to a dry hole in about year.
“It went from easy money and better than a paycheck to a dry hole in about year.”
sounds exactly like the evolutionary course of any new arbitrage discovery ...