Merton Miller

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

— Merton Miller

#expertise #finance #had #i #particularly

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

— Merton Miller

#however #interest #law #main

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. ↗

— Merton Miller

#especially #exchanges #financial #financial services #industry

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

— Merton Miller

#because #course #devices #favor #i

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

— Merton Miller

#evaluate #everybody #function #get #incorporated

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

— Merton Miller

#beat #bucks #dig #else #information

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

#answer #capital #conditions #happened #ideal

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

— Merton Miller

#big #forever #hero #make #need