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"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."
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"The last resort of kings, the cannonball. The last resort of the people, the paving stone."

"It is not true that people are naturally equal for no two people can be together for even a half an hour without one acquiring an evident superiority over the other."

"There are bad people who would be less dangerous if they were quite devoid of goodness."

"Whatever good things people say of us, they tell us nothing new."

"There are only two kinds of people who are really fascinating - people who know absolutely everything, and people who know absolutely nothing."

"We confess our little faults to persuade people that we have no large ones."

"Historians are like deaf people who go on answering questions that no one has asked them."
Explore more quotes by Merton Miller

"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."
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