Quotes by Merton Miller

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 malfeasance, nonfeasance or some other kind of bad feasance!

Investing

Majority

Mean

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

Arbitrage

Finance

Umpires

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.

Decision

Massachusetts

Writing

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

Loss

Practice

Suffering

Diversification is your buddy.

Buddy

Diversification

Investing

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

Function

Information

Investing

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 stocks, bonds, warrants, etc., issued don’t affect the aggregate value of the firm.

Numbers

Pieces

Ties

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

Information

Investing

Successful

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.

Class

Data

Patterns

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

Boards

Directors

Should

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Buddy

Class

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Diversification

Finance

Forever

Function

Games

Hero

Information

Investing

Junk

Loss

Majority

Massachusetts

Mean

Money

Needs

Numbers

Patterns

People

Pieces

Practice

Rating

Saving Money

Serious

Should

Successful

Suffering

Taxation

Thinking

Ties

Treasury

Umpires

Writing

The Future Blueprint

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The Home Therapist: Anti Anxiety

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The Autobiography

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Quotes by Merton Miller

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 malfeasance, nonfeasance or some other kind of bad feasance!

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

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.

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

Diversification is your buddy.

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

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 stocks, bonds, warrants, etc., issued don’t affect the aggregate value of the firm.

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

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.

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

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The Future Blueprint

The Home Therapist: Anti Anxiety

The Autobiography

The Behaviour Diary

The Dating Diary

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