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To: Thomas M. who wrote (1388)	8/10/1998 7:12:00 PM
From: SteveG	Respond to of 17683

<..the stock's price is determined by the people who own it and are considering owning it..> Which was the point I was making. UNLIKE a coin, whose probability distributions are iid (independant and identically distributed), future stock prices have a stochastic dependance on the previous price - which vary as the subjective assignment of value. It's clear that based on this subjective assignment, stock prices DO have "memory", and the closer in time, the stronger the dependance (or "memory" influence).