Merton Miller

"What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pur…"

"When I started worrying about stocks, it was the late 1930s and early 1940s and it didn't seem like a good way to make money then, either."

"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."

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

"Think of the firm as a gigantic tub of whole milk. The farmer can sell the whole milk as it is. Or he can separate out the cream, and sell it at a considerably higher price than the whole milk would b…"