Quotes by Merton Miller

(160) "Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices."
- Investment Gurus by Peter J. Tanous, New York Institute of Finance
(273) "...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!"
February 1997
- "Investment Gurus," Peter Tanous
(334) "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. "
- http://www.brainyquote.com/quotes/authors/m/merton_miller.html
(169) "If there are 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."
- PBS Nova Special, "The Trillion Dollar Bet"
(304) "Diversification is your buddy."