James O'Shaughnessy

Historically, we have always seen reversion to the mean. After stocks have had an unusually great 10 or 20 years, they typically turn in subpar results over the next 10 or 20, and after bad 10- to 20-year stretches, the next 10 to 20 tend to be above average.

The British system denied any role for human creativity, and instead argued, that if man merely followed his hedonistic desires, pursuing pleasure and avoiding pain, objective laws would naturally guide society to achieve the best allocation of wealth.