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.
More Quotes from 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
But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
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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.
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I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
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My main interest, however, was in economics, not law.
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Junk bonds prove there's nothing magical in a Aaa bond rating.
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