1) Assuming he got 100k visitors per month
2) Assuming each arb gets him $0.10 per click.
3) Assmuning 50% of the visitors click 1 ad (and that's wildly optimistic)
His profit would be 50k x $0.10 = $5k/mth
If he were to get $155k in profit per month. he needs to get about 3 million visitors per month. I checked Alexa, Compete and his site is nowhere that figure.
Not sure what's his motive in inflating the profit figure though. He's only going to attract more competition to his field and kill his business in the process.
Maybe he's planning to write an ebook to convince people into believing that it is easy to earn that much with search arb and hence, he'll use the NYtimes article as evidence.
With each ebook selling for $99.99 and 100% profit margin, it'll take him only 1550 sales/month to meet his imaginary $155k profit claim. Now, that's a business plan!