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Hi, In Linda Allen chapter 2, I am confused on the question 4 right after the note. It's saying EWMA can only project the current volatility into future. Doesn't that conflict of ' EWMA can not forecast'? Feel like i miss some logic points here. Thanks...

Hi, In Chapter 4 of Miller, it says If two normal distributions have the same mean, they combine (mix) to produce mixture distribution with leptokurtosis (heavy-tails). Otherwise, mixtures are infinitely flexible. what does that 'otherwise' mean? Does it mean if those two normals have...