To beat the market youll have to invest serious bucks to dig up information no one else has yet. – 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 couldnt see any. – Merton Miller

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