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Welcome to No Arbitrage

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Joseph Cai
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Joseph Cai
A little bit about you
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“In an efficient market, prices ‘fully reflect’ all available information.” by Eugene F. Fama.

What is No-Arbitrage? 🌍

No arbitrage is a modern finance concept: asset prices fully reflect all available information, rendering it impossible to consistently achieve returns exceeding average market returns on a risk-adjusted basis-—any discrepancy invites arbitrageurs to exploit the difference until equilibrium is restored. A sentinel of equilibrium that ensures capital flows to its most productive uses. Fascinating!

No Arbitrage is also a personal blog where I share theoretical and practical lessons on corporate finance, data analytics and beyond.

Who Am I?

I am a Corporate Finance (M&A) Analyst. I love breaking down complex problems into structured solutions. Corporate finance is like a giant puzzle—valuing companies, structuring deals, and aligning financial strategy with long-term goals. The challenge of balancing risk and reward in a high-stakes environment excites me. In addition to the business side of finance, I also love the quantitative and mathematical sides of finance. From the Markowitz portfolio theory to the Capital Asset Pricing Model, from random walk to the derivatives pricing formula, from the Modigliani-Miller (MM) theory to the efficient market hypothesis…In recent years, I’ve been exploring programming —- SQL, DAX, Power Query, Python, and TypeScript in Excel. I’d love to share my learning journey with you!

Who Is This Blog For?

For anyone curious about finance—whether you’re a:

  • âś… Student learning the basics.
  • âś… Professional preparing for the CFA.
  • âś… Manager sharpening strategy.
  • âś… Entrepreneur seeking funding.

I share a mix of original content and referenced expert insights to educate and inspire.

Life is About Learning

Success takes time. A mentor once told me: 👉 “Stay focused and learn from mistakes—you’ll get there.”

As James Clear wrote in Atomic Habits: “Your commitment to the process determines your progress.”

Let’s Connect!

I’d love to exchange ideas—connect with me on LinkedIn! 🚀

Disclaimer! : This site is for insights, not financial advice.
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