 In the GLMcase , this interpretation is no longer valid; instead, the excess rate of return is given by a nonlinear function of the volatility and the risk aversion.
<clarity>  In the GLMcase , this interpretation is no longer valid; instead, the excess rate of return is given by a nonlinear function of the volatility and the risk aversion.
 In the GLMcase , this interpretation is not valid: the excess rate of return is given by a nonlinear function of the volatility and the risk aversion.