The World Motivation
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
“My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.”
— Merton Miller · Finance
My expertise was in public finance, particularly corporate taxation, since I had worked at the US Treasury.
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
My main interest, however, was in economics, not law.
Arbitrage proof has since been widely used throughout finance and economics.
The number-one job of the hedge-fund manager is not to make sure that you can retire with a smile on your face - it's for him to retire with a smile on his face.
You look at marketing: everything that's happening in marketing is digitized. Everything that's happening in finance is digitized. So pretty much every industry, every function in every industry, has a huge element that's driven by information technology. It's no longer discrete.
If US per capita income continues to grow at a rate of 1.5 percent a year, the country will have plenty of money to finance comfortable retirements and high-quality healthcare for all citizens, including those at the bottom of the wage ladder.
Britain is the epicentre of financial fraud. Most major players outsource their fraud here because London is the unregulated cesspit of global finance.