Why Merton Miller remains misunderstood

Merton H. Miller liked to tell a joke about Yogi Berra, the famous baseball catcher. Berra once told his trainer that he was particularly hungry, and he instructed him to cut his pizza into 12 pieces instead of six.

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Researchers have devised a method that could help some traders, including those managing large portfolios or those working in statistical arbitrage groups who are seeking to capitalize on pricing inefficiencies between securities.