It is quite a leap to go from &#x27;not gaussian&#x27; to &#x27;not random&#x27; as done here. All that has been falsified, as far as I can tell, is a very simple model of a random walk with normally distributed disturbances.<p>It would be interesting how much better it becomes if higher moments, in particular kurtosis (&#x27;fat tails&#x27;) are included.