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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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"Money is only a problem to those that aren't willing to develop a higher conscience about how to master it."
"Organized scarcity is the best way to increase your profits.This is the idea of the ends justify the means. There are second and third order effects that will take away all of the gains and then some. Wisdom is better than gold, peace is better than profit."
"A sure way to go broke is to spend your outer riches before you have saved enough of your inner ones."
"Sharpen and trust your judgement: learn when spending is a shrewd investment and when it is merely an indulgence."
"Investing is a simple process of taking into account the present value and future value. The other major factor to understand here, is what you lose as a result of inaction. Consider what you can gain and what you can lose in your decision."
"Never ask of money spent Where the spender thinks it went. Nobody was ever meant To remember or invent What he did with every cent."
Explore more quotes by 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."
"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."
"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."
"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."
"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."
"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."
"My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury."
"I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller."
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