Where is all the gold?
Old Mother Hubbard
Went to the cupboard,
To get the poor dog a bone;
But when she got there,
The cupboard was bare,
And so the poor dog had none.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot