Some contributions on the Normal vs Levy thread suggest that wider musings on modelling issues may be fruitful.
By the standards set by one poster as the minimum “to understand financial modelling”, my score looks to be 1/5, so readers need not expect breakthroughs on particular questions in this field.
While not disputing that Levy is likely to be more correct than Normal (in the modelling contexts cited) I wonder how much of the problem with the model can be attributed to this choice.
Doesn’t this issue segue into deeper issues concerning the complex systems that drive the processes whose outputs are finally observed as univariate distributions?
I plan a couple of exploratory posts.