DislikedDon't confuse random market and random walk market. For you example that's mu and sigma that change randomly. If you prefer it's not random like a coin you flip but like a biased coin which bias changes randomly (and quite slowly) over the time. The bias of the coin can randomly change between strongly to heads and weakly to head. Yet it is still biased to head. In the long run the bias is 50-50 in average.Ignored
The bias CAN be averaged to 0 , true, but it's not sure thing - especially within a limited number of samples, such as 1:40 trades.
do you agree?