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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."
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"The hardest thing to understand in the world is the income tax."
"Asean is obviously a very important association for us. Over the past 30 years Asean has made great strides in regional cooperation covering a number of areas, although recently it has been under strain because of the financial crisis and other challenges."
"He became convinced that ordinary commercial financing could be done for a service charge plus an insurance fee amounting to much less that the current rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state's means of exchange."
"When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money."
"Thirty to 40 years ago, most financial decisions were fairly simple."
"When buying shares, ask yourself, would you buy the whole company?"
Explore more quotes by Merton Miller
"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."
"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."
"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."
"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."
"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."
"To beat the market you'll have to invest serious bucks to dig up information no one else has yet."
"So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices."
"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."
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