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
economic interests options problems securities services shifted since strongly towards
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.
aggregate everybody markets
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
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.
money pocket
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
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.
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.
taxation finance treasury
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
successful investing information
I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
board-of-directors boards should
I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
loss practice suffering
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
umpires arbitrage finance
Arbitrage proof has since been widely used throughout finance and economics.
ties junk rating
Junk bonds prove there's nothing magical in a Aaa bond rating.