Short Term Delusion

“I asked him, what is it you guys are doing at LTCM (Long-Term Capital Management), and Myron (Scholes) characterized it in that way of his. He said, well you know, one way is to think of us as a gigantic vacuum cleaner sucking up nickels from all over the world.”
Merton Miller
Trillion Dollar Bet
NOVA, PBS, February 8, 2000