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" 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
Decisions
Writing
Economics
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" My main interest, however, was in economics, not law. "
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" Junk bonds prove there's nothing magical in a Aaa bond rating. "
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" Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer. "
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" So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices. "
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" But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago. "
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" You only need to make one big score in finance to be a hero forever. "
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" 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. "
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" 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. "
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Research
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" To beat the market you'll have to invest serious bucks to dig up information no one else has yet. "
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" 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. "
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Believe
Accept
You
" My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury. "
Merton Miller
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Us
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" What counts is what you do with your money, not where it came from. "
Merton Miller
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Your
You
" I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller. "
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Only
" I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any. "
Merton Miller
Finance
See
Work
" What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions. "
Merton Miller
Right
Said
Now
" Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices. "
Merton Miller
Information
Investing
Most