This is a weirdly common misreading of Mandelbrot. His main contribution was noting three properties of markets that are not well captured by Brownian motion models — 1. fat tails 2. heteroskedasticity 3. long-range correlations (eg power law decay in acf of absolute returns)https://twitter.com/desgrippes/status/1368389916812533768 …
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Not an equivalent comparison. Human behavior, given a large enough group, is able to be relatively accurately predicted The market is a big enough beast that you can approach it from almost any angle you want and be able to carve a profit out of it. Wouldn't be the case if random
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You can tell that to the 90% of active managers that underperform their benchmarks, and the 98% of day traders who lose money.
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