#at

All those people whose faces decorate the shopping bags of Barnes and Noble, with a few exceptions, would never get published today. ↗

— Mark Crispin Miller

#barnes #decorate #exceptions #faces #few

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. ↗

— Merton Miller

#advising #also #basis #cambridge #company

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. ↗

— Merton Miller

#aggregate #because #bonds #etc #everyone

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. ↗

— Merton Miller

#believe #constantly #course #economists #i

Junk bonds prove there's nothing magical in a Aaa bond rating. ↗

— Merton Miller

#bonds #junk #magical #nothing #prove

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. ↗

— Merton Miller

#delude #information #into #just #know

My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury. ↗

— Merton Miller

#expertise #finance #had #i #particularly

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. ↗

— Merton Miller

#especially #exchanges #financial #financial services #industry

Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices. ↗

— Merton Miller

#because #course #devices #favor #i

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

— Merton Miller

#beat #bucks #dig #else #information