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 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.

Praise, like gold and diamonds, owes its value only to its scarcity.

The employee is regarded by the employer merely in the light of his value as an operative. His productive capacity alone is taken into account.

When rock came along the lyrics and melodies became less important and it bothered me to think that perhaps they might not regain the value they have to music - they are music.

Lutherans, whose arguments and mistakes will not be difficult to contest or discover, do not want to attribute any value to works, and they do not understand enough the scope of the justification.

I make no claim to being a business genius. You can make so much money in this business that it loses its value.

If we have wealth, it will be protected from inflation and possibly even enhanced in value.

While I recognize the great value and importance of prescription drugs and strongly support a continued U.S. focus on pharmaceutical research and development, our nation's seniors cannot be asked to subsidize the drug costs of other wealthy industrialized nations any longer.

The value of music is to be able to play one note at the right time in the right way.

Even as a coin attains its full value when it is spent, so life attains its supreme value when one knows how to forfeit it with grace when the time comes.

Making movies is eating candy. It's a very expensive candy, so you value when you can do it. So when you can do it twice at once, it's like, you know, a kid in a candy store!

It all comes back to the basics. Serve customers the best-tasting food at a good value in a clean, comfortable restaurant, and they'll keep coming back.

I believe my publisher has shown a great deal of faith in me over a lot of years but I'm not prepared to be so arrogant to say that the long-term literary value of my work would compensate them for a financial failure.

I regard it as a waste of time to think only of selling: one forgets one's art and exaggerates one's value.

The bottom line is that these athletes tend to be safer investments because they really value their marketing opportunities. They don't make as much money as during their active careers.

Nevertheless, this type of propaganda has a special value, for it serves to convince those who sign the appeal, of the necessity for carrying on propaganda; so a corps of propagandists, if I may use the term, is thus trained.

Judgments, value judgments concerning life, for or against, can in the last resort never be true: they possess value only as symptoms, they come into consideration only as symptoms - in themselves such judgments are stupidities.

I have great confidence in the universal value and in basic human rights and I have great confidence that referenda will eventually take root and become part of our daily lives in Taiwan.

The experience of learning how to get straight to the core of a problem proved to be of immense value later when I had a long succession of responsibilities in large, complex government departments.

A book is worth a few francs; we Germans can afford to destroy those. We all may not appreciate artistic merit, but cash value is another matter.

The truth is that relative income is not directly related to happiness. Nonpartisan social-survey data clearly show that the big driver of happiness is earned success: a person's belief that he has created value in his life or the life of others.

What you risk reveals what you value.

A great deal has been said about my commitment not to raise taxes. It's a core value - it's common sense - it's important to keeping and growing jobs - and it's mainstream!

There is no winning or losing, but rather the value is in the experience of imagining yourself as a character in whatever genre you're involved in, whether it's a fantasy game, the Wild West, secret agenst or whatever else. You get to sort of vicariously experience those things.

National honor is the national property of the highest value.

No I haven't and all I can say is that if it's cost $600,000, I hope we get $600,000 worth of value out of it.

In mathematics the art of proposing a question must be held of higher value than solving it.

The high food value of field beans and the shortage of supply due to the light yields of 1915 and 1916 render them of great importance in the regions to which they are adapted.

The headline is the most important element of an ad. It must offer a promise to the reader of a believable benefit. And it must be phrased in a way to give it memory value.