  The solutions of SDEs with multiplicative noise are not Markovian. On a
coarse-grained time scale they still are, but only in the "anti-Ito" case. This
allows a simple computation of the most likely path. Any density peak moves
along such a path, and its shape evolves according to further analytical
formulas. This even provides some new insights into the asymptotic densities
for large times, e.g. the criterion for attaining a quiescent steady state.
