This applies much mote to actors within a securities market (both investors and issuers), not necessarily to this or that market itself. Most people's behavior

This applies much mote to actors within a securities market (both investors and issuers), not necessarily to this or that market itself. Most people's behavior is non ergodic. Though I suppose even if you broaden "the market" even to all of civilization - it is also non-ergodic, at least since nukes and hydrogen bombs were created.