Quotes by Merton Miller - Page 1

Diversification is your buddy.
Merton Miller / Economist
Buddy
Diversification
Investing
Copy Quote
My main interest, however, was in economics, not law.
Merton Miller / Economist
However
Main
Copy Quote
Junk bonds prove there's nothing magical in a Aaa bond rating.
Merton Miller / Economist
Junk
Prove
Rating
Ties
Bond
Magical
Copy Quote
What counts is what you do with your money, not where it came from.
Merton Miller / Economist
Money
Advertising Agencies
Saving Money
Money Your Where
Counts
Copy Quote
You only need to make one big score in finance to be a hero forever.
Merton Miller / Economist
Finance
Forever
Hero
Needs
Score
Copy Quote
Arbitrage proof has since been widely used throughout finance and economics.
Merton Miller / Economist
Finance
Arbitrage
Proof
Umpires
Used
Since
Throughout
Widely
Copy Quote
I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
Merton Miller / Economist
Boards
Directors
Fund
Should
Advisor
Board
Member
Mention
Copy Quote
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.
Merton Miller / Economist
Boston
Massachusetts
Only Child
Miller
Copy Quote
To beat the market you'll have to invest serious bucks to dig up information no one else has yet.
Merton Miller / Economist
Finance
Bucks
Information
Serious
Beat
Invest
Dig
Copy Quote
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
Merton Miller / Economist
Money
Left
Another
Take
Put
Pocket
Right
Richer
Copy Quote
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 / Economist
Loss
Practice
Suffering
Gain
Copy Quote
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
Merton Miller / Economist
Finance
Corporate
Expertise
Taxation
Treasury
Particularly
Copy Quote
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
Merton Miller / Economist
Function
Information
Investing
Copy Quote
I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
Merton Miller / Economist
Information
Investing
Successful
Copy Quote
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 / Economist
Evaluate
Function
Aggregate
Incorporated
Prices
Copy Quote
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
Merton Miller / Economist
Devices
Information
Investing
Passive
Successful
Amazingly
Favor
Prices
Stock
Copy Quote
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 / Economist
Investing
People
Thinking
Delude
Pools
Copy Quote
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 / Economist
Cambridge
Customers
Decision
Massachusetts
Part Time
Reports
Undergraduate
Writing
Decisions
Advising
Basis
Portfolio
Copy Quote
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 / Economist
Conditions
Paper
Publication
Structure
People Know Right
Capital
Ideal
Copy Quote
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 / Economist
Finance
Class
Data
Obvious
Patterns
Capital
Empirical
Structures
Copy Quote
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 / Economist
Financial Services
Research
Exchanges
Towards
Interests
Options
Regulatory
Securities
Services
Shifted
Strongly
Copy Quote
... 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 / Economist
Investing
Majority
Mean
Copy Quote
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 / Economist
Luck
Resources
Score
Sheer
Willing
Constantly
Believe I Believe View
Economists
Copy Quote
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 / Economist
Etc
Firm
Numbers
Pieces
Pizza
Size
Ties
Affect
Aggregate
Bonds
Joke
Number
Obviously
Shape
Similarly
Stocks
Value
Copy Quote
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 / Economist
Games
People
Thinking
Copy Quote

Related Economist Authors

Thomas Sowell
Economist
Monday, Jun 30, 1930
William Stanley Jevons
Economist
Tuesday, Sep 01, 1835
Sunday, Aug 13, 1882
William Petty
Economist
Friday, May 26, 1623
Tuesday, Dec 16, 1687
William Forsyth Sharpe
Economist
Saturday, Jun 16, 1934
William Easterly
Economist
Saturday, Sep 07, 1957
William Beveridge
Economist
Wednesday, Mar 05, 1879
Saturday, Mar 16, 1963
William A. Niskanen
Economist
Monday, Mar 13, 1933
Wednesday, Oct 26, 2011
Willem Buiter
Economist
Monday, Sep 26, 1949
Will Hutton
Economist
Sunday, May 21, 1950
Werner Sombart
Economist
Monday, Jan 19, 1863
Sunday, May 18, 1941
Wassily Leontief
Economist
Sunday, Aug 05, 1906
Friday, Feb 05, 1999
Wang Anshi
Economist
Saturday, Dec 08, 1021
Friday, May 21, 1086
Walter Heller
Economist
Friday, Aug 27, 1915
Monday, Jun 15, 1987
Walter E. Williams
Economist
Tuesday, Jun 30, 1936
Walter Block
Economist
Thursday, Aug 21, 1941

View All Economist Quotes

Top Authors

Walt Disney
Animator
Thursday, Dec 05, 1901
Thursday, Dec 15, 1966
Rodney Dangerfield
Comedian
Tuesday, Nov 22, 1921
Tuesday, Oct 05, 2004
Socrates
Philosopher
Thursday, Jan 01, 1970
Thursday, Jan 01, 1970
Steve Jobs
Entrepreneur
Thursday, Feb 24, 1955
Wednesday, Oct 05, 2011
Paulo Coelho
Lyricist
Sunday, Aug 24, 1947
Martin Luther
Monk
Saturday, Nov 10, 1483
Monday, Feb 18, 1546
Napoleon Bonaparte
Military Commander
Tuesday, Aug 15, 1769
Saturday, May 05, 1821
Lucy Larcom
Poet
Friday, Mar 05, 1824
Monday, Apr 17, 1893
Henry Ford
Industrialist
Thursday, Jul 30, 1863
Monday, Apr 07, 1947
John Lewis
U.s. Representative
Wednesday, Feb 21, 1940
Dalai Lama
Saturday, Jul 06, 1935
George Orwell
Novelist
Thursday, Jun 25, 1903
Saturday, Jan 21, 1950
Marcus Tullius Cicero
Philosopher
Khalil Gibran
Poet
Saturday, Jan 06, 1883
Friday, Apr 10, 1931
Michael Jordan
Basketball Player
Sunday, Feb 17, 1963

View All Authors

Merton Miller Quotes - Page 1

App & Tools

Related Economist Authors

Popular Topic Tags

Top Authors

Share This Page

Stay Connected

App & Tools

Related Economist Authors

Popular Topic Tags

Top Authors

Share This Page