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To: BGR who wrote (82199)	11/24/1998 6:35:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Apratim, yes, that was the assumption I explicitly made. Can you demonstrate mathematically why the probability of trading at or greater than the strike price is true for the longer holding period and that the strong form of the EMH holds, and that the identical rate of return is generated across all time periods? If that were true, then Geoff's original point would be correct because of the avoidance of multiple brokerage fees and bid/ask spreads. TTFN, CTC