Does anyone here know much about these topics? I understand they surround the absence of normally distrubted returns, excessive kurtosis. Fat tails somehow disprove the EMH? Can anyone explain this argument? I've been advised that there are links to turbulence in fluid dynamics, joined by the overarching maths of fractals. Could anyone talk me through this proof of a result from Kolmogorov (perhaps in a PM): http://www.sjsu.edu/faculty/watkins/kolmo.htm Thanks and regards to you all.