I am trying to apply a BL-like model to a random variable which is strongly skewed and leptokurtic. The random variable is actually the change through time of GARCH conditional variance $\sigma_{t+1}^2 - \sigma_t^2$. I would actually like to express views on that change. Is there a way to deal with skewed and leptokurtic variables in the Black Litterman model?
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