My first model came in 1963, more precisely '62, but '63 was the time of the most important paper, and it postulated that price changes are again independent. I postulated that for simplicity's sake, but did not follow the Gaussian distribution, but another distribution with very long tails. And that model was quite adequate to account for many of the price changes that I could then study. Very often the prices of commodities, either securities, like cotton - cotton I studied with very great detail - or wheat, or all the securities because I had long records for them. At that time there were very few records of contemporary securities and I certainly did not have access to them. The model did not explain anything. It represented a universe in which everything was much wilder and much more irregular than in the universe described by Bachelier. A critic of my work at that time, Paul Cutner, whom I quote extensively in my book on fractals and finance, did describe very accurately the novelty, which my work represented. He used words to say that in a way Bachelier's model represented a very quiet - not a very wild, he didn't use the word 'wild' not a very irregular universe; and that my model, on the contrary, was very attractive to the economist because it was bringing up automatically, without my having to put it in by hand, all these properties that everybody was so familiar with, namely the large price changes.