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Merton Miller QUOTES / QUOTATIONS
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
Quotation of Merton Miller
Arbitrage proof has since been widely used throughout finance and economics.
Quotation of Merton Miller
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.
Quotation of Merton Miller
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
Quotation of Merton Miller
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.
Quotation of Merton Miller
For me, as an economist, it was frustrating to have no sense of a theory of corporate finance to tie all this material together.
Quotation of Merton Miller
Franco and I were both working on the problem, but from somewhat different perspectives - he from macroeconomics and me from corporate finance.
Quotation of Merton Miller
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.
Quotation of Merton Miller
I don't know how long is long enough to get rid of the influence of sample flukes.
Quotation of Merton Miller
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.
Quotation of Merton Miller
I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
Quotation of Merton Miller
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.
Quotation of Merton Miller
I was in economics even as an undergraduate. Stocks were part of the environment.
Quotation of Merton Miller
Junk bonds prove there's nothing magical in a Aaa bond rating.
Quotation of Merton Miller
Like some other weekend retreaters my hobby has become brush-cutting and maintenance generally, plus a little gardening.
Quotation of Merton Miller
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.
Quotation of Merton Miller
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
Quotation of Merton Miller
My first academic appointment after receiving my doctorate from Hopkins in 1952 was Visiting Assistant Lecturer at the London School of Economics for 1952-1953.
Quotation of Merton Miller
My main interest, however, was in economics, not law.
Quotation of Merton Miller
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.
Quotation of Merton Miller
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
Quotation of Merton Miller
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
Quotation of Merton Miller
So, I knew the tax side of corporate finance, and the economics of public finance, but not the standard finance stuff.
Quotation of Merton Miller
The essence of the efficient market thing is, after all, as we in economics have always held: There's no free lunch.
Quotation of Merton Miller
The untimely death in 1969 of my first wife, Eleanor, the mother of my then 3 young daughters, was a heavy personal blow.
Quotation of Merton Miller
To beat the market you'll have to invest serious bucks to dig up information no one else has yet.
Quotation of Merton Miller
What counts is what you do with your money, not where it came from.
Quotation of Merton Miller
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.
Quotation of Merton Miller
When I started worrying about stocks, it was the late 1930s and early 1940s and it didn't seem like a good way to make money then, either.
Quotation of Merton Miller
You only need to make one big score in finance to be a hero forever.
Quotation of Merton Miller