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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“Random” is just an extremely unhelpful word when applied to markets because it can mean anything from true randomness (eg beta decay) to the randomness of a roulette table, where outcomes are uncertain but you are guaranteed to lose given enough time.
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“Efficient” is a more helpful word which loosely means “you can’t reliably make money except by doing the obvious things which everyone agrees will make money” (eg buying stocks or bonds, or supplying liquidity)
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