Before revision:  Despite its simplicity , the model has several interesting features . The volatility is not constant and displays high peaks. The empirical distribution of the log-returns (increments of the logarithm of the index) is non-Gaussian and may exhibit heavy tails. Log-returns corresponding to disjoint time intervals are uncorrelated but not independent: the correlation of their absolute values decays exponentially fast in the distance between the time intervals for large distances, while it has a slower decay for moderate distances. Finally, the distribution of the log-returns obeys scaling relations that are detected on real time series, but are not satisfied by most available models .
After revision:  Despite its simplicity , the model is able to fit several key features of the time series of financial indexes, such as the Dow Jones Industrial Average, with a remarkable accuracy .