“What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions.”
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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.
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What counts is what you do with your money, not where it came from.
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Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
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I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller.
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