"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."

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Source: Investment Gurus: A Road Map to Wealth from the World's Best Money Managers by Peter J. Tanous, (p. 269), 1999.

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Merton Miller

Economist

Merton Miller was a renowned economist known for his pivotal contributions to financial theory, particularly in capital structure and risk management.

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Merton Miller Economist

"As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports."

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