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.

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.

Luck is everything... My good luck in life was to be a really frightened person. I'm fortunate to be a coward, to have a low threshold of fear, because a hero couldn't make a good suspense film.

I still have horrible luck with girls.

How is it the great pieces of good luck fall to us?

With a little bit of luck, you'll never work!

The greatest luck that I've had has been the ability to find men and women who came into my administration who worked with me and brought extraordinary talents that we were able to take full advantage of.

So, it takes a lot of chance and luck. I mean I was lucky enough to get in the program where people with the same skills never made it to the program. So keep trying.

Be grateful for luck. Pay the thunder no mind - listen to the birds. And don't hate nobody.

Whoever has the luck to be born a character can laugh even at death. Because a character will never die! A man will die, a writer, the instrument of creation: but what he has created will never die!

I feel I'd like to share my luck and my life. Being in love is the best thing in the world.

Success is simply a matter of luck. Ask any failure.

I used to annoy my father by telling him how much I felt luck was with me.

People always call it luck when you've acted more sensibly than they have.

I have a musical called Goodbye and Good Luck, based on a Grace Paley short story. I also have King Island Christmas, and there are 20 different productions of it this year.

English usage is sometimes more than mere taste, judgment and education - sometimes it's sheer luck, like getting across the street.

The deepest thing in any one is the conviction of the bad luck that follows boasting.

Care and diligence bring luck.

So it's probably eighty percent luck and twenty percent skill.

The people have spoken. Their decision is sovereign. We all respect it... I wish good luck to those who will now govern France.

I agree with Sophocles: the greatest luck is not to have been born - but, as the joke goes on, very few people succeed in it.

Luck's always to blame.

I had the luck that my parents educated me in three languages. With my mother I spoke Dutch, with my father Italian, and in the school I learned German. But my host language is Italian.

It was depressing, very depressing. I worried about how I would make a living. I didn't want to stay on the farm. It didn't offer the challenge I wanted and yet, without a college education, I felt that I was really out of luck.

The meeting of preparation with opportunity generates the offspring we call luck.

You gotta try your luck at least once a day, because you could be going around lucky all day and not even know it.

Give luck a chance to happen.

And I always found that the harder I worked, the better my luck was, because I was prepared for that.

Luck, be a lady tonight.

I thought I would reflect here on a theme most scientists enjoy recalling: the part luck played in their accomplishments.