Arbitrage proof has since been widely used throughout finance and economics.
Merton Miller.
“You only need to make one big score in finance to be a hero forever.”
“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.”
“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.”
“What counts is what you do with your money, not where it came from.”
“Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.”
“For example, the supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If...”
“It is not good for man to be kept perforce at all times in the presence of his species. A world from which solitude is extirpated is a very poor ideal. Solitude, in the sense of being often alone, ...”
“As technology accumulates and people in more parts of the planet become interdependent, the hatred between them tends to decrease, for the simple reason that you can't kill someone and trade with h...”
“I used to be a cool chick but I'm not anymore.”
“In strife who inquires whether stratagem or courage was used?”
“I used to stutter really badly. Everybody thinks it's funny. And it's not funny. It's not.”
“When I started writingI was a sick teenagedfuck inside who partlythought I was the newMarquis de Sade, a bodydoomed to communicatewith Satan who was us-ing my sickness as hishome away from home,and...”
“A witty saying proves nothing.”
“There are no facts only interpretations.”