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In practice, market regimes or states are rarely observed directly. They are hidden and must be inferred from noisy observable data, such as returns.

Conditions: Applies to Hidden Markov Models (HMMs) or latent variable models.; Observable outputs are noisy or smoothed.

In practice, market regimes or states are rarely observed directly. They are hidden and must be inferred from noisy observable data, such as returns.

Conditions: Applies to Hidden Markov Models (HMMs) or latent variable models.; Observable outputs are noisy or smoothed.