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"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."
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"Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions."

"Once you deposit that money in your checking account, it becomes the bank's money and you're just another one of their creditors."

"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."
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."

"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 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."

"But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago."

"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."

"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."
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