The view Mandelbrot is arguing against goes like this: Price is determined by binary decisions, like coin tossing.
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One solution is to modify the coin-tossing model--to add bells and whistles until the equations match the observations.
Price drops or runups that the coin-tossing model sees as impossible--changes with a probability of a millionth of a millionth of a millionth of a millionth--occur frequently.
Langen, and his 37-year-old brakeman Zimmerman, won the right to go last after tossing a coin.
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He jokes that in the end the baskets were so equal in value that the brothers were hard put to choose and even mulled tossing a coin.
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