A cauliflower shows how an object can be made of many parts, each of which is like a whole, but smaller. Many plants are like that. A cloud is made o… - Benoit Mandelbrot

There is a problem that is specific to financial markets. In most fields of research, when someone makes an important finding, they publish it. In the case of prices, they set up a firm and sell advice about their discovery. If they can make money from it, they will. So the research into market dynamics is a closed field.

"My current best model of how a market works is fractional Brownian motion of multifractal time. It has been called the Multifractal Model of Asset Returns. The basic ideas are similar to the cartoon versions above-though far more intricate, mathematically. The cartoon of Brownian motion gets replaced by an equation that a computer can calculate. The trading-time process is expressed by another mathematical function, called f(\propto), that can be tuned to fit a wide range of market behavior. My model redistributes time. It compresses it in some places, stretches it out in others. The result appears very wild, very random. The two functions, of time and Brownian motion, work together in what mathematicians call a compound manner: Price is a function of trading time, which in turn is a function of clock time. Again, the two steps in the model combine to produce a "baby" far different from either parent."

People want to see patterns in the world. It is how we evolved. We descended from those primates who were best at spotting the telltale pattern of a predator in the forest, or of food in the savannah. So important is this skill that we apply it everywhere, warranted or not.