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…

— Merton Miller

My main interest, however, was in economics, not law.

— 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

What counts is what you do with your money, not where it came from.

— Merton Miller

Diversification is your buddy.

— Merton Miller

I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can…

— 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…

— Merton Miller

Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into…

— Merton Miller

But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while…

— Merton Miller

You only need to make one big score in finance to be a hero forever.

— Merton Miller

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about…

— Merton Miller

What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the…

— Merton Miller

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

— Merton Miller

I had some of the students in my finance class actually do some empirical work on capital structures, to see if we…

— Merton Miller

My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of…

— Merton Miller

If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance…

— Merton Miller

Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.

— Merton Miller

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

— Merton Miller

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

— Merton Miller

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

— Merton Miller

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

— Merton Miller

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

— Merton Miller

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

— Merton Miller