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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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"People used what they called a telephone because they hated being close together and they were scared of being alone."
"Still and all, why bother? Here's my answer. Many people need desperately to receive this message: I feel and think much as you do, care about many of the things you care about, although most people do not care about them. You are not alone."
"Now I don't know half of the young people in the industry. It's too spread out, too diffuse."
"The Edge... there is no honest way to explain it because the only people who really know where it is are the ones who have gone over."
"I was put off by people at school - my cabbage wasn't as good as other people's, you know, so that put me off."
"If you do this, you're going to have some heartaches from it. You're going to have people yelling at you or maybe screaming at you or criticizing you, but I think it's the best way to sell a superior chicken."
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."
"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."
"My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury."
"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."
"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."
"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."
"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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