Merton Miller Quotes
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What counts is what you do with your money, not where it came from.
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I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
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You only need to make one big score in finance to be a hero forever.
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If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purposeful... but they're really not.
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To beat the market you'll have to invest serious bucks to dig up information no one else has yet.
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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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Diversification is your buddy.
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Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
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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.
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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.
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... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!