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Merton Miller Quotes

Diversification is your buddy Picture Quote #1

Junk bonds prove there’s nothing magical in a Aaa bond rating Picture Quote #1

My main interest, however, was in economics, not law Picture Quote #1

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports Picture Quote #1

I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn’t see any Picture Quote #1

I was born in Boston, massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller Picture Quote #1

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As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports Picture Quote #1

Arbitrage proof has since been widely used throughout finance and economics Picture Quote #1

What counts is what you do with your money, not where it came from Picture Quote #1

You only need to make one big score in finance to be a hero forever Picture Quote #1

So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices Picture Quote #1

Everyone recognizes that’s a joke because obviously the number and shape of the pieces doesn’t affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don’t affect the aggregate value of the firm Picture Quote #1

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I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn’t see any Picture Quote #1

To beat the market you’ll have to invest serious bucks to dig up information no one else has yet Picture Quote #1

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices Picture Quote #1

But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago Picture Quote #1

What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions Picture Quote #1

If there’s 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that’s all that’s going on. It’s a game, it’s a chance operation, and people think they are doing something purposeful... but they’re really not Picture Quote #1

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Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices Picture Quote #1

My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges Picture Quote #1

Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn’t Picture Quote #1

I can’t speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can’t do it constantly, unless you’re willing to put the resources in Picture Quote #1

Another is, if you take money out of your left pocket and put it in your right pocket, you’re no richer Picture Quote #1

Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices Picture Quote #1

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Text Quotes

Diversification is your buddy (Merton Miller Quotes) Junk bonds prove there’s nothing magical in a Aaa bond rating (Merton Miller Quotes) My main interest, however, was in economics, not law (Merton Miller Quotes) As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports. (Merton Miller Quotes) I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn’t see any. (Merton Miller Quotes) I was born in Boston, massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller (Merton Miller Quotes) As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports (Merton Miller Quotes) Arbitrage proof has since been widely used throughout finance and economics (Merton Miller Quotes) What counts is what you do with your money, not where it came from (Merton Miller Quotes) You only need to make one big score in finance to be a hero forever (Merton Miller Quotes) So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices (Merton Miller Quotes) Everyone recognizes that’s a joke because obviously the number and shape of the pieces doesn’t affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don’t affect the aggregate value of the firm (Merton Miller Quotes) I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn’t see any (Merton Miller Quotes) To beat the market you’ll have to invest serious bucks to dig up information no one else has yet (Merton Miller Quotes) I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices (Merton Miller Quotes) But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago (Merton Miller Quotes) What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions (Merton Miller Quotes) If there’s 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that’s all that’s going on. It’s a game, it’s a chance operation, and people think they are doing something purposeful... but they’re really not (Merton Miller Quotes) Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices (Merton Miller Quotes) My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges (Merton Miller Quotes) Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn’t (Merton Miller Quotes) I can’t speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can’t do it constantly, unless you’re willing to put the resources in (Merton Miller Quotes) Another is, if you take money out of your left pocket and put it in your right pocket, you’re no richer (Merton Miller Quotes) Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices (Merton Miller Quotes)