Michael, I don't understand what opportunities you're referring to that could qualify as arbitrage. Also, reputation isn't necessarily needed - there are many investors who would use their own money to exploit the relevant opportunities if there were good reason to think they could be identified, without needing to convince clients of anything. One of the reasons I don't try to exploit opportunities that I can imagine involving apocalypse in the 2020s is that I think it's unlikely that markets will see any new information in the next few years that would make those opportunities less profitable if I wait to try exploiting them.