Clearly the price considered most likely by the market is the true current price: if the market judged otherwise, it would quote not this price, but another price higher or lower.
Clearly the price considered most likely by the market is the true current price: if the market judged otherwise, it would quote not this price, but … - Louis Bachelier
Clearly the price considered most likely by the market is the true current price: if the market judged otherwise, it would quote not this price, but …
- Louis Bachelier
The mathematical expectation of the speculator is zero. - Louis Bachelier
The mathematical expectation of the speculator is zero.
There is no useful information contained in historical price movements of securities. - Louis Bachelier
There is no useful information contained in historical price movements of securities.
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