Before revision:  We review a few attempts  to explain this anomaly: 1. Inclusion of highly unlikely events with low probability (Ugly state along with Good and Bad), or market crashes , recently also termed as Black Swans.
After revision:  We review a few attempts done over the years to explain this anomaly: 1. Inclusion of highly unlikely events with low probability (Ugly state along with Good and Bad), or market crashes , recently also termed as Black Swans.