Quote of the Day: Tyler Cowen

If you play this strategy [i.e. mispricing risk], you can expect…a bunch of years of multi-million returns, followed by an eventual unceremonious firing (if that) and life in the Hamptons.  If you follow an efficient markets strategy, you can expect the going rate of return on the diversified market [portfolio].  Which sounds better?

— Tyler Cowen (George Mason University)