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 counts is what you do with your money, not where it came from. - Merton Miller
What counts is what you do with your money, not where it came from.
- 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 stock… - 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 stock…
Diversification is your buddy. - Merton Miller
Diversification is your buddy.
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago. - 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.
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices. - Merton Miller
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of mal… - Merton Miller
... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of mal…
Arbitrage proof has since been widely used throughout finance and economics. - Merton Miller
Arbitrage proof has since been widely used throughout finance and economics.
I should mention that I am a member of the board of directors of Dimensional Fund Advisors. - Merton Miller
I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury. - Merton Miller
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
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