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"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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"If advertisers spent the same amount of money on improving their products as they do on advertising then they wouldn't have to advertise them."

"Nobody was ever meant to remember or invent what he did with every cent."
Explore more quotes by Merton Miller


"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."


"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."


"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."


"To beat the market you'll have to invest serious bucks to dig up information no one else has yet."


"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."


"I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller."
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