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So let me begin with why both of these models concern me. In the first model, the Frequentist Markowitzian model, Ito's method assumes that all parameters are known. No estimators are needed. That is a big deal because White in 1958 proved that models with $\tilde{w}=Rw+\varepsilon, R>1$ have no solution if $R$ has to be estimated in the Frequentist ...

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