Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
More Quotes from Merton Miller:
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.Merton Miller
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
Merton Miller
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.
Merton Miller
Franco and I were both working on the problem, but from somewhat different perspectives - he from macroeconomics and me from corporate finance.
Merton Miller
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
Merton Miller
What counts is what you do with your money, not where it came from.
Merton Miller
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