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Subject: Important Message from Bob Prechter
Date: Wed, 10 Feb 1999 16:24:01 -0500
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Hi folks,
This is a message for those of you who really know the Wave Principle. We
need scholarly replies, if possible.
I am reaching out to you with a request. The February issue of Scientific
American presents a cover article by the well-known scientist Benoit
Mandelbrot, in which he claims to have discovered the self-affinity of
markets. As you will see, his depictions reveal the same idea that Elliott
had, i.e., that market patterns are the same at all scales. (Elliott found
out a lot more than that as well.) Mandelbrot knows about Elliott because he
penned a withering dismissal of him in his 1997 book, Fractals and Scaling
in Finance. Mandelbrot has certainly advanced the science of fractal
geometry, but his "discovery" of the self-affinity of markets postdated
Elliott by years. He still wants the credit. According to James Gleick's
book Chaos (pp. 111-112), Mandelbrot has been accused by colleagues of
trying to take credit for too much. Says Gleick, "Even an admirer would cry
with exasperation, 'Mandelbrot didn't have EVERYBODY's thoughts before they
did.'" To make up your own mind, read the entire article.
You can write to Scientific American at mailto:editors@xxxxxxxxx or:
Scientific American
415 Madison Avenue
New York, NY 10017
Thanks,
Bob Prechter
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