Murray, I guess I made an absolute statement about there being no absolutes in the market. Which is an oxymoron... No I am not sure about that. I wouldn't know where to find any absolutes in real time - the past of course has absolutes and history does repeat itself - maybe we can call that an absolute? Dynamic hedging is great example of there being no real time absolutes. Market neutral models fall apart constantly, they are fragile in this sense because the assumptions are just that, assumptions. I may be getting overly philosophical here, but, how can we be sure that price discovery serves the purpose we believe it does - whos to say that next year a new pricing theory won't revolutionize the way we trade? After all, capitalism is an organic mechanism, constantly changing with new technology and new ideas.