[citanul]

[ QUOTE ]
Now that we know that variance is fixed by SNG structure, and that the limits between the upper and lower bounds of what's possible in terms of profit are much narrower than we thought a year ago, it is more challenging.

[/ QUOTE ]

i don't know if everyone else agrees with you here. in fact, i'm sure that many people disagree with you here.

lower bound = -1 ROI
upper bound = some number

i don't think that what most people think of as the upper bound of what's possible has changed very much. thus the quantity upper bound - lower bound is not significantly different than before. also, almost all of the good empirical and statisical similuation work that was done on variance was done prior to 12 months ago, at least in the basic forms which yield primary results.