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I thank Kevin Kliesen and Kim Schoenholtz for helpful comments and discussions.
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Berner, R. Adaptive markets: financial evolution at the speed of thought by Andrew Lo. Bus Econ 54, 89–91 (2019). https://doi.org/10.1057/s11369-018-0101-5
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DOI: https://doi.org/10.1057/s11369-018-0101-5