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Merton Miller Quotes

American - Economist | May 16, 1923 - June 3, 2000

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

Bond Nothing Prove Magical Junk

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

I Am Board Member Should Mention Am

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

Information Evaluate Get Function

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.

People Thinking Information Know Buy

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

Finance You Information Serious Beat

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

Hero Finance You Need Forever Big

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

Practice Suffering Loss You Down

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.

Luck Believe Speak View You Accept

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