Arbitrage is limited because the wealth of arbitrageurs is limited. Discuss this statement in the context of those who are managing their own money and those who are managing other people's money

When you managing your own money, you are subject to fundamental risk and noise-trader risk. Plus such arbitrageurs will normally have a very limited pool of capital to use for arbitrage purposes. If you are managing other people's money, you will often now have more capital in your control. But you will be subject to a different sort of wealth control. Because they have the power to hire and fire, your horizon is of necessity short. In fact, many who are attempting to exploit arbitrage opportunities are subject to this reality. They are managing money for individuals (e.g., those pooling their money through mutual funds or hedge funds) or institutions (such as endowments), many of whom will not have a clear idea of the issues involved.