Sunday, August 08, 2004

An excerpt from Benoît Mandelbrot's open letter to Wall Street:

"Consider one example. Proposition: Share prices are dependent over (a) a day, (b) a quarter, (c) three years, (d) an infinite span, or (e) none of the above. All these views have been presented as unassailable in countless articles reviewed by countless worthy peers, and supported by countless computer runs, probability tables, and analytical charts"

Reinforces my loss of faith in the stock markets even more.