Quotessence
Home / Quotes / Quote by Merton Miller

Quote by 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.”

Quote by Merton Miller

Author

Merton Miller
Merton Miller

Merton Miller was a renowned economist, born on May 16, 1923, and passed away on June 3, 2000. He made significant contributions to the field of financial economics, particularly in the areas of capital costs and corporate finance. more

You May Also Like

“Even if this advice to portfolio decision makers to drop dead is good advice, it obviously is not counsel that will be eagerly followed. Few people will commit suicide without a push. And fewer still will pay good money to be told to do what is against human nature and self-interest to do.”

“The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able to deliver the goods of superior portfolio-selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict: Superior investment performance is unproved.”

“Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.”