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Arbitrage proof has since been widely used throughout finance and economics.
Merton Miller
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Merton Miller
Age: 76 †
Born: 1923
Born: January 1
Died: 2000
Died: January 1
Economist
Writer
Boston
Massachusetts
Merton Howard Miller
Miller Merton
MILLER MERTON HOWARD
Since
Used
Arbitrage
Umpires
Widely
Finance
Throughout
Economics
Proof
More quotes by Merton Miller
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.
Merton Miller
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
Merton Miller
What counts is what you do with your money, not where it came from.
Merton Miller
You only need to make one big score in finance to be a hero forever.
Merton Miller
... 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!
Merton Miller
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.
Merton Miller
Junk bonds prove there's nothing magical in a Aaa bond rating.
Merton Miller