What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions.

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• Merton Miller:

  What counts is what you do with your money, not where it came from.

• Merton Miller:

  Junk bonds prove there's nothing magical in a Aaa bond rating.

• Merton Miller:

  I should mention that I am a member of the board of directors of Dimensional Fund Advisors.

• Merton Miller:

  Of course. I favor passive investing for most investors, because markets are amazingly successful d

• Merton Miller:

  So everybody has some information. The function of the markets is to aggregate that information, ev

• Merton Miller:

  Most people might just as well buy a share of the whole market, which pools all the information, th

• Merton Miller:

  To beat the market you'll have to invest serious bucks to dig up information no one else has yet.

• Merton Miller:

  You only need to make one big score in finance to be a hero forever.

• Merton Miller:

  But in practice, if often comes down to not suffering a loss as big as the huge gain you made a whi

• Merton Miller:

  I can't speak for them, of course, but I believe that most economists would accept the view that, w