Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
More Quotes from Merton Miller:Arbitrage proof has since been widely used throughout finance and economics.
To beat the market you'll have to invest serious bucks to dig up information no one else has yet.
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.
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
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.
Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm.
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