Consider a multi-period market model M = (B; S) with two assets: the savings account B and the risky asset S. For a natural number T, consider the following model for the price of the risky asset S : St = S0 + Y1 + Y2 + ::: + Yt ; where the random variables Y1, . . . , YT are independent and identically distributed under the real-world probability measure P, specically