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"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."
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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."
"People who see beauty all around them live in a beautiful world. People who see danger all around them live in a dangerous world."
"Now I don't know half of the young people in the industry. It's too spread out, too diffuse."
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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