Merton Miller
Merton Miller
Merton Howard Millerwas an American economist, and the co-author of the Modigliani–Miller theorem, which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic Sciences in 1990, along with Harry Markowitz and William F. Sharpe. Miller spent most of his academic career at the University of Chicago's Booth School of Business...
NationalityAmerican
ProfessionEconomist
Date of Birth16 May 1923
CountryUnited States of America
investing diversification buddy
Diversification is your buddy.
successful investing information
I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
information investing function
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
mean majority investing
... 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!
thinking people investing
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.
early good late money seem worrying
When I started worrying about stocks, it was the late 1930s and early 1940s and it didn't seem like a good way to make money then, either.
money pocket
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.
both corporate somewhat
Franco and I were both working on the problem, but from somewhat different perspectives - he from macroeconomics and me from corporate finance.
main
My main interest, however, was in economics, not law.
amazingly devices information markets passive stock
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
believe economists resources score sheer unless view willing
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.
capital happened ideal next paper people
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.
corporate finance material theory tie
For me, as an economist, it was frustrating to have no sense of a theory of corporate finance to tie all this material together.