“But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.” IfsMadeBigsSufferingLossPracticeHugeGains Author:Merton Miller
“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.” IfsClassStudentsStructurePatternsObviousFinanceData Author: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.” PeopleIfsThinkingTryingGamesChancePicksWinnerOperationsScoreCoups Author:Merton Miller
