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You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit.
You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left
is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents
apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any
moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly
realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But
you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations.
You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different
markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in
question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one
like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within
fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who
participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand
example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some
big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically
complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate
in arbitrage directly, but you can always invest in a mutual fund that does.
Home / Markets / Industries / Industrials
Friday, July 04, 2008
IBI Income Fund Announces the Conclusion of Business and Legal Arrangements for the Merger of Page + Steele, Incorporated, Architects with the practice of IBI Group Architects
Comtex
TORONTO, Jul 4, 2008 (Canada NewsWire via COMTEX) ----IBI Income Fund (the "Fund") (TSX:IBG.UN) announced today that business and legal arrangements have been concluded to provide for the closing over the next few days of the merger of the Page + Steele Incorporated, Architects, with the professional practice of IBI Group Architects. Page + Steele will continue as a distinct division within the IBI Group of Firms, operating as Page + Steele - IBI Group Architects.
Since the founding of the firm 82 years ago in 1926, Page + Steele has become a highly regarded "brand" in architectural practice, known for creative talent, technical expertise and consistency in helping clients realise successfully many buildings for residential, hotel, commercial, mixed use and institution of uses throughout the Greater Toronto Area, as well as some projects internationally. The firm has achieved steady growth over the years and especially in the past decade by establishing valued relationships with an ever expanding number of loyal clients.
Phil Beinhaker, Chairman Director and CEO of IBI Group Architects, noted that, "Sol Wassermuhl with partners Brian Sickle, Tim Gorley and Mansoor Kazerouni, along with Vice Presidents Vlad Losner and Gianni Ria have maintained and grown an outstanding practice of architecture serving the development industry as well as institutions. This leadership have all committed to continue with the practice as the Page + Steele - IBI Group Architects Division and expect that they will, along with the other senior members of the total staff complement of approximately 100 people, maintain the practice and assume roles of leadership in the overall IBI Group of Firms in the ensuing years. IBI is committed to this growth through the provision of additional professional architectural resources, as well as complementing the expertise for professional services in urban planning, transportation, landscape architecture, interior design, real estate research, systems technology and others. With this merger, the total complement of the IBI Group of Firms is now approximately 2,300 people operating through 64 offices. Page + Steele - IBI Group Architects can now participate in projects of the IBI Group of Firms on this Global basis."
Sol Wassermuhl, President of Page + Steele, stated that "This merger results from much internal consideration and planning. We are very pleased to have succeeded in achieving this strategic relationship with the IBI Group of Companies. There will be no change in the senior operating management at the Page + Steele with continued leadership provided by myself and my five colleagues and our other talented members. We believe that the Page + Steele "brand" will be able to thrive and at the same time we are confident that the synergy of the broader resources of manpower and technology will enable us to provide our clients with an even higher level of talent and service relative to that which they have come to expect."
About IBI Income Fund
The Fund is a TSX listed income trust, which pays monthly distributions and trades under the symbol "IBG.UN".
The Fund holds an indirect 68% interest in IBI Group, a partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 32% of IBI Group is owned by IBI Group Management Partnership.
%SEDAR: 00021044E
SOURCE: IBI Income Fund
Philip H. Beinhaker, IBI Income Fund, 230 Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930
Copyright (C) 2008 CNW Group. All rights reserved.
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