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.
More Quotes from 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
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
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
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.
Merton Miller
You only need to make one big score in finance to be a hero forever.
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
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