... C E The perception of time, risk and return during periods of speculation denote the value of the market-neutral portfolio corresponding to the stock Si I can now duplicate the arguments of section ... E The perception of time, risk and return during periods of speculation ˜ I can eliminate all of the risk of Si with respect to market moves dZm by choosing ρiM σi Si − i σM M = 0, so that the ... intrinsic u time to mean the measure that counts as equal the elapsed time between any two successive trades The perception of time, risk and return during periods of speculation time, determined by...