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

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.

As a medical doctor, it is my duty to evaluate the situation with as much data as I can gather and as much expertise as I have and as much experience as I have to determine whether or not the wish of the patient is medically justified.

Now, whenever you read any historical document, you always evaluate it in light of the historical context.

If the experimental physicist has already done a great deal of work in this field, nevertheless the theoretical physicist has still hardly begun to evaluate the experimental material which may lead him to conclusions about the structure of the atom.

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

Sponsors and networks will really go all out and simply evaluate people on the basis of talent.

Faith is the great cop-out, the great excuse to evade the need to think and evaluate evidence. Faith is belief in spite of, even perhaps because of, the lack of evidence.

I can evaluate a player in a very short period of time because I'm very close to that game, very educated in that game and played the game for a long, long time. I wasn't just a guy with talent. I learned a lot about the game.

I knew how many MPs I had assigned to the brigade, how many military prison operations I would be running, but we needed to evaluate how many criminal prison operations we could support.

I am a scholar of life. Every night before I go to sleep, I analyze every detail of what I did that day. I evaluate things and people, which helps me avoid mistakes.

I know the pundits and the news media have carried a lot of commentary about cameras in the courtroom, and there's a lot of controversy about it as a result of the Simpson case. But I have not had enough time to step back and enough time to evaluate that.

But the other notion is, we also believe that those folks closest on the ground that we're holding accountable for the results can decide, and ought to evaluate which programs get results.

There's lots of institutions and lots of different cultures, and so that's the kind of thing that parents need to be able to evaluate, and students themselves, when they make a selection.

To address questions of scientific responsibility does not necessarily imply that one needs technical competence in a particular field (e.g. biology) to evaluate certain technical matters.

Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine.

I have not fully had the opportunity to evaluate the impact of cameras in the courtroom.

The ability to take pleasure in one's life is a skill and is a kind of intelligence. So intelligence is a hard thing to evaluate and it manifests itself in so many different ways. I do think the ability to know how to live a life and not be miserable is a sign of that.

One way to evaluate your own reputation is to think about what would be said of you at your eulogy.

Take a step back, evaluate what is important, and enjoy life.

Young people discovering their sexuality must know they walk with a strong tradition and that they are not alone. They have a right to information without being pressured.

But in the first Gulf war the United Kingdom was not under any threat from Iraq, and is still less so in the second one. Then there is no justification for obstructing freedom of information, particularly as nations have a right to know what their soldiers are being used for.

And they talk about their bona fide doctors. They have a list of doctors that signed affidavits from looking at a picture of Terry. That's where they get their information from, by looking at a picture.

Since I'm allergic to various things, the army wouldn't accept me during the war, and I got into the Office of War Information, which sent music to Europe.

Actually the copies of characters is something I don't particularly like to talk about in articles but just for your information, most characters there's only one.

But the Congress has made the determination that certain kinds of information can be protected even though the American people may want to have access to information.

Although Customs and Border Protection analyzes cargo and other information to target specific shipments for closer inspection, it still physically inspects only a small fraction of the containers under its purview.

I have a tendency to be lucky and make the right choices based on limited information.

I would never jeopardize classified information to be brought out to the public. This information is all open source. There is no reason to worry about classification. It is simply an attempt by bureaucrats to cover their rear ends.

For me, having a child is a really great responsibility because you've got something there that is depending on you for information and love until a certain age when it goes to school.