For professional (institutional) investors, fair value means the possibility of generating profits (by buying/selling each instrument) at the blink of an eye, but for the average investor, this...

For professional (institutional) investors, fair value means the possibility of generating profits (by buying/selling each instrument) at the blink of an eye, but for the average investor, this concept means nothing! For institutional investors (arbitrageurs), who can move billions of dollars in seconds, the spread indicates a buy opportunity, as is typically the case; but for the average investor it amounts to simply placing an order at the open for a buy or a sell and nothing else.