ɪf ðɛɹwˌɜː nˈoʊ tɹænsˈækʃən kˈɔsts ðˈɛn ɐ nˈɑːnzˈiəɹoʊ vˈæljuː fɔːɹ bˈiː wʊd ɐlˈaʊ ɐn ˌɑːɹbɪtɹɐdʒˈʊɹ tə pɹˈɑːfɪt baɪ fˈɑːloʊɪŋ ðə sˈiːkwəns ˈiːðɚɹ æz ɪt stˈændz ɪf ðə pɹˈɛzənt vˈæljuː ʌv bˈiː ɪz pˈɑːzᵻtˌɪv, ɔːɹ wɪð ˈɔːl tɹænsˈækʃənz ɹᵻvˈɜːst ɪf ðə pɹˈɛzənt vˈæljuː ʌv bˈiː ɪz nˈɛɡətˌɪv.
If there were no transaction costs then a non-zero value for B would allow an arbitrageur to profit by following the sequence either as it stands if the present value of B is positive, or with all transactions reversed if the present value of B is negative.