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I'm often frustrated by this word "random" - it's used in so many different ways. The roll of a die is random but is well-defined and totally understood. Whether or not a a basketball player makes a 3 pt shot is random and well-defined but not understood.
The markets are random but neither well-defined nor understood. The existence of life is even more random.
FWIW traditionally economics differentiated between risk (quantifiable) and uncertainty (not quantifiable). But you probably knew this already. I guess we could add additional layers like know at least the distribution, or not even that.
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