My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury. Merton Miller corporateexpertisefinance Change image and share on social
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 economicexchangefinancial Change image and share on social
Junk bonds prove there's nothing magical in a Aaa bond rating. Merton Miller aaabondjunk Change image and share on social
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. Merton Miller buydeludeinformation Change image and share on social
I should mention that I am a member of the board of directors of Dimensional Fund Advisors. Merton Miller advisorboarddimensional Change image and share on social
What counts is what you do with your money, not where it came from. Merton Miller countmoney Change image and share on social
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer. Merton Miller leavemoneypocket Change image and share on social
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices. Merton Miller amazinglydevicefavor Change image and share on social
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 aggregateevaluatefunction Change image and share on social
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago. Merton Miller agobiggain Change image and share on social
