跑柜台的年轻人：LOF折价套利的江湖往事

Core Insights - The article discusses the early days of LOF funds in China, highlighting the arbitrage opportunities that existed due to the mispricing between market prices and net asset values [1][2] - It reflects on the transition from a manual, hands-on approach to arbitrage to a more automated and sophisticated trading environment, marking the end of an era for simple arbitrage strategies [2] Group 1: Arbitrage Opportunities - In the early 2000s, LOF funds often traded at a discount to their net asset values, creating opportunities for risk-free arbitrage [1] - Investors could buy LOF funds at a lower market price and redeem them at a higher net asset value, locking in profits [1][2] - The article describes a young investor who capitalized on these opportunities, earning significant profits by frequently redeeming funds at the brokerage [1] Group 2: Evolution of the Market - As the market matured, the pricing discrepancies in LOF funds diminished, and brokerages began offering in-house redemption options, reducing the need for manual arbitrage [2] - The influx of arbitrageurs and improved information flow contributed to the decline of the arbitrage opportunities that once existed [2] - The narrative emphasizes the shift from a "golden age" of arbitrage to a more structured and automated trading environment, where strategies have evolved significantly [2]