Seth Goldstein: The apocrypha of (media) arbitrage

Seth Goldstein’s fascinating series of emerging technologies apocrypha continues with the latest on arbitrage.
Today’s lesson concerns media, arbitrage, & serial entrepreneur Priceline founder Jay Walker.
An excerpt from the beginning(and the rest is about as good):
“I like dirty words. Arbitrage is one of them. It is a scam, actually. Buying something over here and selling it over there- for more. Selling something over there before you have bought it here, but more cheaply. Nobody likes arbitrage, other than those performing it, and those that are doing so tend to be rather quiet about what they are doing so as not to attract competitors.”
Previous provocative thoughts here, here, here.