Mandelbrot & Taleb on "Wild Randomness" in the Financial Times

Benoit Mandelbrot and Nassim Nicholas Taleb recently co-wrote a piece for the Financial Times where they talk about what Mandelbrot has called "wild randomness" -- which puts more weight on extreme events than does "mild randomness" that we are accustomed to under the Gaussian / 'normal' distribution assumption. In a world of wild randomness, the so-called outliers become as (or are sometimes even more important) than more frequently occurring events because of the nature of fat-tailed, leptokurtic probability distributions and scalable power laws that are more likely to be representative of the true nature of most financial markets than the 'log-normal' distribution.

You can get the FT article (2 pages) at the following links:
http://www.fooledbyrandomness.com/FT-1.pdf

http://www.fooledbyrandomness.com/FT-2.pdf