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"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."
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"Pico Mundo is a prosperous town. But no degree of prosperity can be sufficient to eliminate all misfortune, and sloth is impervious to opportunity."
"Belonging to the working class is the economy's punishment for those who did what they were told to do in class."
"The world economy would collapse if a significant number of people were to realize and then act on the realization that it is possible to enjoy many if not most of the things that they enjoy without first having to own them."
"Not every single broke and unemployed person needs a job, some need customers."
"Civilization transformed man from a food gatherer to a gatherer of pieces of paper: diplomas, employment contracts, money, etc."
"Money is representative, and follows the nature and fortunes of the owner...The farmer is covetous of his dollar, and with reason. It is no waif to him. He knows how many strokes of labor it represents. His bones ache with the days' work that earned it. He knows how much land it represents - how much rain, frost and sunshine. He knows that, in the dollar, he gives you so much discretion and patience, so much hoeing and threshing. Try to lift his dollar; you must lift all that weight. In the city, where money follows the skit of a pen or a lucky rise in exchange, it comes to be looked on as light."
Explore more quotes by Merton Miller
"But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago."
"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."
"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."
"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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