What is a “Fat tailed” distribution? Do the returns in the pre-1992 sample appear to have a “Fat-tailed” distribution? Briefly explain your answer.

we need to explain the followings:
1.The fat tailed distribution.
2. how it’s related to i.i.d. theorem.
3. our Kurtosis result of our sample is: 3.09, how can we interpret it relative to the Fat tailed distribution (the most important part).

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