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

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

You only need to make one big score in finance to be a hero forever.
- Merton Miller

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

What counts is what you do with your money,
not where it came from.
- Merton Miller

 

I should mention that I am a member of the board of
directors of Dimensional Fund Advisors.
- Merton Miller

But in practice, if often comes down to not suffering
a loss as big as the huge gain you made a while ago.
- Merton Miller

Of course.
I favor passive investing for most investors,
because markets are amazingly successful devices for
incorporating information into stock prices.
- Merton Miller

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My expertise was in public finance, particularly corporate taxation,
since I had worked at the US Treasury.
- Merton Miller

My main interest, however, was in economics,
not law.
- Merton Miller

Arbitrage proof has since been widely used throughout finance and economics.
- Merton Miller

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.
- Merton Miller

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.
- Merton Miller

I was born in Boston, Massachusetts on May 16,
1923, the only child of Joel and Sylvia Miller.
- Merton Miller

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.
- Merton Miller

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

Another is, if you take money out of your left pocket
and put it in your right pocket,
you're no richer.
- Merton Miller

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.
- Merton Miller

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.
- Merton Miller

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.
- Merton Miller

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.
- Merton Miller

God doesn't make junk.
- Anonymous

I don't eat junk foods and I don't think junk thoughts.
- Peace Pilgrim

I love all kinds of bread.
Whenever I crave junk food, I want salty things like peanuts or potato chips.
- Tyra Banks

Buy, buy, says the sign in the shop window;
Why,
why, says the junk in the yard.
- Paul McCartney

I normally don't eat junk food.
- Martin Yan

The national security state has many unfair and cruel weapons in its arsenal,
but that of junk science is one which can be fought and perhaps defeated.
- Aldrich Ames

They are the video equivalent of junk food.
- John J. O'Connor

My ideal relaxation is working on upholstry.
I spend hours in junk shops buying furniture.
I do all the upholstery work myself,
and it's like therapy.
- Pamela Anderson

Had I been more responsible I might have made something
of myself as a junk bond trader,
long-haul trucker or perhaps a plumbing contractor.
- Brock Yates

It's an indication of how cynical our society has become
that any kind of love story with a sad theme is automatically
ridiculed as sentimental junk.
- Winona Ryder

I've got more junk in the trunk than most 5-foot-1 blonde girls,
and I like it.
- Kristen Bell

Most people are satisfied with the junk food being sold as music.
- Billy Joel

The essence of a general's job is to assist in developing
a clear sense of purpose to keep the junk from getting
in the way of important things.
- Walter F. Ulmer

I was reading through endless junk scripts that were being sent my way.
Typically the roles were to play his wife or his girlfriend -
leading roles for women were few and far between.
- Roma Downey

To invent, you need a good imagination and a pile of junk.
- Thomas A. Edison

Junk is the ideal product...
the ultimate merchandise.
No sales talk necessary.
The client will crawl through a sewer and beg to buy.
- William S. Burroughs

I was eating bad stuff.
Lots of sugar and carbs, junk food all the time.
It makes you very irritated.
- Avril Lavigne

I eat whatever I want, junk food included.
- Vanessa Marcil

Our consciences are littered like an old attic with
the junk of sheer conviction.
- Wilford O. Cross

My page is junk, because I hate putting anything to do with me on the site,
it just feels wrong.
- Colin Greenwood

My favorite review described me as the cinematic equivalent of junk mail.
I don't know what that means, but it sounds like a dig.
- Steve Buscemi

At a flea market I always head for the junk jewelry table first.
- Ethel Merman

Discourse is fleeting, but junk mail is forever.
- Joe Bob Briggs

Like Joseph Mitchell, I would scour the streets of
New York and find little pieces of what other people think of as junk -
and collect it.
- Stanley Tucci

This is mainly because I spend a lot of time writing
and so don't have much time to read;
I hate to waste that time reading what may turn out
to be junk food for the mind,
when there's so much real writing to be read.
- John Sladek

The USDA is not our ally here.
We have to take matters into our own hands,
not only by advocating for a better diet for everyone -
and that's the hard part -
but by improving our own.
And that happens to be quite easy.
Less meat, less junk, more plants.
- Mark Bittman

A society that thinks the choice between ways of living
is just a choice between equally eligible "lifestyles"
turns universities into academic cafeterias offering junk food for the mind.
- George Will

I've played heavies for years and years and years.
I was bald.
I came to Hollywood.
I did a play about junk.
I was a pusher, so I played pushers for years and years and years.
I did war movies and things like that.
- Gavin MacLeod

The bonds of matrimony are like any other bonds -
they mature slowly.
- Peter De Vries

We are strange beings, we seem
to go free, but we go in chains -
chains of training, custom, convention,
association, environment -
in a word, Circumstance -
and against these bonds
the strongest of us struggle in vain.
- Mark Twain

May hard work, and justice, always cement our bonds
of unity that we may get our country back to production.
- Mwai Kibaki

Gentlemen prefer bonds.
- Andrew Mellon

Today, credit rating agencies rate companies,
countries and bonds.
- Mike Fitzpatrick

Grief and sadness knits two hearts in closer bonds than happiness ever can;
and common sufferings are far stronger than common joys.
- Alphonse de Lamartine

Grief knits two hearts in closer bonds than happiness ever can;
and common sufferings are far stronger links than common joys.
- Alphonse de Lamartine

I also said, men are like curling irons,
they never get out of your hair.
And they are like government bonds, they take so long to mature.
- Kabir Bedi

Men would rather be starving and free than fed in bonds.
- Pearl S. Buck

I have lifelong friends.
My oldest friend, Herbie, has been a friend since I was 9.
I've had bonds for over 50 years with people.
- Larry King

But I'm not going to walk Barry Bonds,
like some teams do, in the first inning with nobody on.
- Frank Robinson

I did the thing with bonds, which was about 30 million dollars,
and didn't get none of the money on them.
- James Brown

Traditional investment vehicles such as IRAs,
CDs, stocks and bonds do have their place,
but for the rich, they are used more as temporary storage
facilities rather than life-long homes.
- Bo Bennett

The bonds that unite another person to our self exist only in our mind.
- Marcel Proust

Because of my voice, speaking words which had been carefully chosen,
women had used money they had set aside for other purposes to buy war bonds.
- Kate Smith

It is one thing to own a woman, and it is another to
have her within the bonds of an excellent mastery.
- John Norman

A certain recluse, I know not who, once said that no
bonds attached him to this life,
and the only thing he would regret leaving was the sky.
- Kenko Yoshida

He loves his bonds who, when the first are broke,
Submits his neck into a second yoke.
- Robert Herrick

I've just done a commercial in the U.S.
in which I talk about stocks, shares and bonds.
Everyone is amazed.
They ask me: 'You really know about that stuff or did
you just learn it for the commercial?' I tell them
I wouldn't do it unless I understood and had an interest.
- Anna Kournikova

But in fact, when you try to model that on a computer
you find that because of the very structure of matter
and of the chemical bonds that are the basis of every organism,
evolution is not random at all.
It will tend to follow certain paths.
- Kevin Kelly

I like to be against the odds.
- Barry Bonds

I don't want to be a Major League coach.
- Barry Bonds

Baseball is just my job.
- Barry Bonds


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