When do you have an arbitrage opportunity?

A. When an insider trading on privileged information is able to make supernormal profits

B. When the estimated probability of a stock appreciating in price is three times that of the stock falling in price, and you hold a long position in the stock

C. when you are able to generate superior risk-adjusted returns to the market

D. when you can construct a strategy whose cash flows are non-negative at all times with at least one position cash flow at one or more points in time