Other people snap up the riskless profits pretty fast and bid the price of calculable risk opportunities to near their fair values. Things get a lot less crowded if you go for the incalculable risks, leaps of faith that cannot be inspected carefully before takeoff. So that is where you find extraordinary opportunities.

Chapter 1, The Art of Uncalculated Risk, p. 2 - The Poker Face of Wall Street (2006)