As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.

My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.

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.

Junk bonds prove there's nothing magical in a Aaa bond rating.

Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm.

My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.

But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.

So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.

I should mention that I am a member of the board of directors of Dimensional Fund Advisors.

What counts is what you do with your money, not where it came from.

My main interest, however, was in economics, not law.

What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions.

Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.

I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in.

To beat the market you'll have to invest serious bucks to dig up information no one else has yet.

I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.

Arbitrage proof has since been widely used throughout finance and economics.

You only need to make one big score in finance to be a hero forever.

Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

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.

I'm doing a little consulting. I'm somewhat retired, still a director of a company or two.

Take the tone of the company you are in.

So I decided to form a production company with my wife and our partner Diane.

Even when I'm writing plays I enjoy having company and mentally I think of that company as the company I'm writing for.

This kid's excited because he's with Bad Company and I'm excited because I'm with Chuck Berrys' son.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Hope is generally a wrong guide, though it is very good company by the way.

Without In The Company of Men, I could still be teaching, so who knows if this would've existed.

All business success rests on something labeled a sale, which at least momentarily weds company and customer.

People are stunned to hear that one company has data files on 185 million Americans.

That co-operation and peace rather than industrial strife and strikes will best promote the prosperity of the employees the company and all of the people and even strengthen the nation.

Our loss was very heavy, especially in the officers. Capt. Sale, of Co. E, Duke's regt, was among the killed, making the third Capt. that has been killed in that company.

It's like, it's up to the people to fall in love with the song. The record company can only do so much.

I used to be pretty reckless. When I was a runner for a production company, I drove a massive 16 seater van. I was only 18. I mean I look young now, but then I looked about 12.

A man reserves his true and deepest love not for the species of woman in whose company he finds himself electrified and enkindled, but for that one in whose company he may feel tenderly drowsy.

People who have nothing to do are quickly tired of their own company.

No entertainment is so cheap as reading, nor any pleasure so lasting. She will not want new fashions nor regret the loss of expensive diversions or variety of company if she can be amused with an author in her closet.

I didn't need to depend on the record company to publish my records.

So I've learned in the past, if a company approaches me and they want something like this, or something like that that I've done and I turn them down, they're going to do it anyhow.

No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn't.

I am not influenced by the techniques or fashions of any other motion picture company.

Hollywood is what you make it; you have to choose company with care because you become what they are.

Bad company is like a nail driven into a post, which, after the first and second blow, may be drawn out with little difficulty; but being once driven up to the head, the pincers cannot take hold to draw it out, but which can only be done by the destruction of the wood.

In 1979 I teamed up with my friend and business partner, Bill DeWitt, and together we formed an oil and gas company that invested through limited partnerships in oil and gas exploration.

One hundred percent of our earnings are reinvested in the company, and a great deal of that goes to research.

What we learned several years ago was that one of our weaknesses would be if we didn't develop enough people with the know-how to run our company, it would come to the point where we would just stop.

The President's announcement sounded less like a national energy plan than like a page from an election-year play book. This Administration's plan to reduce obscene oil company profits is to regulate them less.

I don't want a record company, but I need one, unfortunately.