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

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.

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.

People have really gotten comfortable not only sharing more information and different kinds, but more openly and with more people - and that social norm is just something that has evolved over time.

First, the security and privacy of sensitive taxpayer information is absolutely essential.

Information, usually seen as the precondition of debate, is better understood as its by-product.

Because of Watergate in part, I am kind of a magnet for calls and information and suggestions.

With respect to the FBI, they had problems communicating in a vertical way, within the FBI itself, so that information of importance could get pushed up to those who were decision-makers.

It is evident that one cannot say anything demonstrable about the problem before having resolved these preliminary questions, and yet we hardly possess the necessary information to solve some of them.

We finally found out the technique of separating and getting information about where every train would be at any moment. Of course, I went over budget many times, because - as you go along - some things improved, and you get better ideas.

Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it.

The Bush administration also was not straightforward about the intelligence it had, releasing tenuous information that fit its goal of attacking Iraq. I feel deceived.

Success, for me, is being able to provide information that will help to change someone's life positively.

I am pleased to see that information campaigns, such as the America's WETLAND effort, are getting the message out, and people are beginning to realize that wetlands loss in Louisiana affects us all.

If you decide you want to be treated good, and you treat someone else good, or you want to learn something, it's information. It's getting the right, good information.

Believing that our greatest need is for the general public to be able to get better information, to have an opportunity to learn better the real issues of the less fortunate, we centered the activities of the Fairness Project on that.

They made a shrewd guess that I could give them some useful information, and they were the first to meet me. Some one said they came to arrest me, and - well, let it go at that.

Despite its enormous power and wealth, China's ruling elite remains absolutely petrified that the free flow of information will undermine its political legitimacy, particularly among China's younger generation.

These matters having been arranged, I had a temporary awning erected near the river, and was for three or four days busily employed writing an account of our journey for the Governor's information.

The new information technology... Internet and e-mail... have practically eliminated the physical costs of communications.

We had to address information technology in the ways we had not before and give the agents the tools that they need to do their job more efficiently and more expeditiously.