Liveblogging World War II: September 5, 1941
A New Club I Will Have to Become a Member of...

No, Asset Price Movements Are Not Normally Distributed, No Way, No How

Charts of the day Swiss franc edition | Felix Salmon

The Swiss National Bank's announcement that a weak Swiss franc was in Switzerland's interest, and that it stood ready to sell unlimited quantities of Swiss francs to resist future appreciation, caused a 20 standard deviation daily decline in the value of the franc.

The odds of such a thing happening under a Gaussian normal distribution are less than 1.25 x 10-89.

That's odds of 80000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:1