“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.”
Author details
Related authors
Other Merton Miller Quotes
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 
63% of people like this quote
What counts is what you do with your money, not where it came from.
Merton Miller
61% of people like this quote
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.
Merton Miller
61% of people like this quote