Even if the details of LTCM's trading could not be discovered, its basic strategy convergence and relative-value arbitrage had to be disclosed to potential investors, and others seeking to follow that strategy would often be led to take positions similar to LTCM's. It "[didn't] take a rocket scientist" to discover the kinds of arbitrage opportunities being pursued by LTCM (Rosenfeld interview), especially when discovering one leg of an LTCM trade through being a counterparty to it would greatly narrow the range of likely other legs.

Donald MacKenzie, An Engine, Not a Camera, loc. 1027