> Gotta love Alan Greenspan's use of language. For example,
> "sophisticated" in this excerpt from a Reuters story: "Greenspan said
> markets were so sophisticated it was very difficult to forecast the
> short term direction of the dollar." He could have easily said
> "random" or "irrational," but "sophisticated" sounds so much better,
> especially when you're billing at his rates for speeches.
Maybe by "sophisticated" he meant that the markets were "rational," in the sense that tomorrow's prices are best predicted by today's prices... plus/minus some random shock (as a result of truly unanticipated events).