Yes, tax code diversification IS a strategy followed by some, given the unpredictability of politicians (well, if you predict they'll act to maximize their own power, maybe not so unpredictable).
Keep in mind that you don't have to believe in an efficient market to believe that you're better off not trying to outsmart it. Spending time getting better in your profession so that you earn more money is almost always a better investment than making stock picking and market timing your hobby.
As for event risk, that's the reason to avoid making big bets on any one thing, no matter how confident you are. Diversification is an admission of ignorance.
Keep in mind that you don't have to believe in an efficient market to believe that you're better off not trying to outsmart it. Spending time getting better in your profession so that you earn more money is almost always a better investment than making stock picking and market timing your hobby.
As for event risk, that's the reason to avoid making big bets on any one thing, no matter how confident you are. Diversification is an admission of ignorance.
