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

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.

Art teaches nothing, except the significance of life.

The present contains nothing more than the past, and what is found in the effect was already in the cause.

There are those, I know, who will reply that the liberation of humanity, the freedom of man and mind, is nothing but a dream. They are right. It is. It is the American Dream.

Well, after I had the heart attack, it was a very simple choice. What the doctor told me I did and I did it religiously. I ate nothing but lean turkey breast or chicken breast or a piece of fish that was very lean. I mean I stayed away from everything.

My life is so full of surprises, nothing surprises me any more.

Excuses change nothing, but make everyone feel better.

It is the privilege of the gods to want nothing, and of godlike men to want little.

They haul you up there for, you know, week after week in this kind of star chamber proceeding. Then at the end of it they say, well, we found nothing, but now it's time for special counsel.

Why are there beings at all, instead of Nothing?

Always, your work is the same: You have to tell a story, you have to make a character. It doesn't matter if there are thousands of dollars, millions behind it, or if there is nothing.

For years the Trio did nothing but play for musicians and other hip people. We practically starved to death.

There's nothing worse than talking about yourself to find out that you're not that interesting.

In the kingdom of heaven it is His work that will be crowned, not yours. Anything in you that He has not wrought Himself will count for nothing.

If nothing is to be done in the given situation, he must invent plausible reasons for doing nothing; and if something must be done, he must suggest the something. The unpardonable sin is to propose nothing, when action is imperative.

There is nothing more agreeable in life than to make peace with the Establishment - and nothing more corrupting.

There is sometimes a peculiar confusion in the West that equates progress to whatever is recent or whatever is new, and it is time we understood that progress has nothing to do with the chronology of an idea.

I think I had a more European outlook about the body and sex. The body is in no way dirty, and sex is something beautiful to give to and share with a lover. It has nothing to do with promiscuity, because I only believe in being in love with one man at a time.

Nothing is ever guaranteed, and all that came before doesn't predicate what you might do next.

There ain't nothing from the outside that can lick any of us.

Love is seeing without eyes, hearing without ears; hatred is nothing.

Nothing is harder to direct than a man in prosperity; nothing more easily managed that one is adversity.

Religion has caused more harm than any other idea since the beginning of time. There's nothing good I can say about it. People use it as a crutch.

There's nothing better than good sex. But bad sex? A peanut butter and jelly sandwich is better than bad sex.

I'd rather attempt to do something great and fail than to attempt to do nothing and succeed.

Bright light is injurious to those who see nothing.

Tomorrow night is nothing but one long sleepless wrestle with yesterday's omissions and regrets.

You either love or you hate. You live in the middle, you get nothing.

If you do not know how to ask the right question, you discover nothing.