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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.
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Saturday, July 05, 2008
Salt Lake City to Host Women of the ELCA Gathering and Convention, July 8-13
Comtex
CHICAGO, July 5, 2008 /PRNewswire via COMTEX/ ----The Seventh Triennial Gathering of Women of the Evangelical Lutheran Church in America (ELCA) will bring together about 1,900 women July 10-13 at the Salt Palace Convention Center, Salt Lake City. The event theme, "Come to the Waters," focuses on the celebration of Baptism through Bible study, speakers, community, service and worship.
The gathering will include the following keynote speakers:
-- Joan Chittister, O.S.B., co-chair, Global Peace Initiative of Women (GPIW), New York, will deliver the gathering's July 11 keynote address. She has written 35 books with such topics as peace, justice and human rights.
-- The Rev. Marysol Diaz, St. Mark's Evangelical Lutheran Church (Iglesia Evangelica Luterana San Marcos), Guaynabo, Puerto Rico, will lead a "Thankoffering Service" on July 11.
-- The Rev. Karen Bockelman, assistant to the bishop, ELCA Northeastern Minnesota Synod, Duluth, will lead a July 11 Bible study
-- The Rev. Heidi Neumark, Trinity Lutheran Church of Manhattan, New York, will preach during a July 12 worship service
-- The Rev. Elizabeth Eaton, bishop, ELCA Northeastern Ohio Synod, Cuyahoga Falls, will lead the gathering's closing worship.
More than 20 workshops will be offered during the gathering July 11 and 12.
Women of the ELCA has organized a July 12 four-kilometer run/walk/roll event promoting its health initiative, "Raising Up Healthy Women and Girls." The organization has encouraged members to collect pledges.
Women of the ELCA will collect and distribute "in-kind gifts," which include items such as pre-paid phone cards, gift cards and health kits. The gifts are tangible items other than money and are offered to organizations and agencies in the Salt Lake City area.
Information about the Women of the ELCA Seventh Triennial Gathering is at http://womenoftheelca.org/tg08/index.html on the Web.
The Seventh Triennial Convention of Women of the ELCA, July 8-10, will precede the gathering. The convention will elect a president, vice president, treasurer, secretary and 17 women to the churchwide executive board. It will act on various proposed initiatives and resolutions.
SOURCE Evangelical Lutheran Church in America
http://www.elca.org
Copyright (C) 2008 PR Newswire. All rights reserved
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