For upper level finance and investment students. 

The first brief, intuitive, 'low-math' guide to modern arbitrage and its importance in the practice of finance and investing.   This text makes arbitrage understandable to the widest possible audience.  It shows how to identify and exploit arbitrage opportunities in securities, commodities, currencies, interest rates, and more.  Understanding Arbitrage leverages the author's unsurpassed experience teaching arbitrage to thousands of financial students and practitioners.