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

Diversification is your buddy.

- 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.

- Merton Miller

Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.

- 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…

- Merton Miller

Arbitrage proof has since been widely used throughout finance and economics.

- Merton Miller

I should mention that I am a member of the board of directors of Dimensional Fund Advisors.

- Merton Miller

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

- Merton Miller