Scale. Some opportunities can't scale to multiple billions in size, which means they persist as available inefficiencies. So broadly speaking, yes. But specif

Scale. Some opportunities can't scale to multiple billions in size, which means they persist as available inefficiencies. So broadly speaking, yes. But specifically, maybe. Additionally, one of the reasons bonds and yields work they way they do (per my understanding) is that all buyers aren't free. Institutional buyers (e.g. banks) are required by regulation to consider ratings. So they have to park their large amounts of money somewhere, and they have a limited number of legal choices.