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Actually, confusing randomness with zero expectancy is exactly what I
thought Herman was doing, thus my comment. BTW, the distribution is
*not* subjective and it *does* exist. It's just constantly changing.
--- In amibroker@xxxxxxxxxxxxxxx, Franco Gornati <francogornati@xxxx>
wrote:
> quanttrader714 wrote:
>
> > Where are you getting random systems from? Van Tharp specifically
> > says that a system must have a positive expectancy to make money.
In
> > other words, an edge. Nothing random about that. Does this mean
the
> > concept of randomness has no valid role to play? Absolutely not.
>
> Mark, expectancy is only drawn from a *random* variable. You should
know
> its distribution. How do you know its distribution? It's
subjective, it
> doesn't 'exist', you guess it, it depends on information.
> Be careful not to confuse randomness with zero expectancy.
>
> Franco
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