These do not exist. Any anomaly is an investment opportunity involving risk. Exploiting an anomaly is either taking a different view of the out-turn of the fundamental factors determining an asset’s price, or the investor changing their level of their liquidity.

Neither of these is wrong. However, they need to be identified as a change in the positioning of the fundamental and dynamic factors of an investor’s portfolio, rather than merely dis-missed as a risk-less anomaly trade.