Merton Miller Quotes

#1. Junk bonds prove there's nothing magical in a Aaa bond rating.

Merton Miller

#2. I was asked to give a speech on the Everest swim, and during the Everest swim, I changed. I changed as a person, I honestly did. That mountain changed me, and I gave a speech about it for nine minutes.

Lewis Pugh

#3. We depend on our rivers and dams for energy, transportation, irrigation and recreation and I will continue this year to fight for what's best for the Pacific Northwest.

Cathy McMorris Rodgers

#4. Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!

Merton Miller

#5. When you get ready to vote, make sure you know what you are doing.

Robert Hunter

#6. 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

#7. To beat the market you'll have to invest serious bucks to dig up information no one else has yet.

Merton Miller

#8. 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

#9. 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

#10. You probably don't hit as many fairway-bunker shots as you do the greenside ones, and that unfamiliarity might make you a bit nervous.

Ernie Els

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

Merton Miller

#12. 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

#13. 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

#14. 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

#15. Diversification is your buddy.

Merton Miller

#16. If you swear by that that is not, you are not forsworn: no more was this knight swearing by his honour, for he never had any; or if he had, he had sworn it away before ever he saw those pancakes or that mustard.

William Shakespeare

#17. No, in 1968 I still wanted to be a Pop Star, and be about the music. Now, I want to be just about the music.

Peter Tork

#18. 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

#19. I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.

Merton Miller

#20. Arbitrage proof has since been widely used throughout finance and economics.

Merton Miller

#21. Superheroes are never invisible," he says. "They're just deluded.

Karen Marie Moning

#22. I should mention that I am a member of the board of directors of Dimensional Fund Advisors.

Merton Miller

#23. What counts is what you do with your money, not where it came from.

Merton Miller

#24. You only need to make one big score in finance to be a hero forever.

Merton Miller

#25. Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.

Merton Miller

#26. 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

#27. My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.

Merton Miller

#28. My main interest, however, was in economics, not law.

Merton Miller

#29. 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

#30. It's never occurred to me that the stars are still up there shining even in the daytime when we can't see them.

Jandy Nelson

#31. 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