“Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.” InformationFunctionInvestingEvaluate Author: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!” KindMeanMajorityInvestmentInvestingGuiltyManagersFundPassivePensionPortfoliosMalfeasance Author: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.” PeopleThinkingKnowsWellsWholeMightShareInformationInvestingPool Author:Merton Miller
“I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.” SuccessfulInformationInvestingDevicesInvestorsPassiveFavourIncorporatingStock Price Author:Merton Miller
