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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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Explore more quotes by Merton Miller
"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."
"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 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."
"But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago."
"So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices."
"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."
"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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