Quotation by

Merton Miller

To beat the market you'll have to invest serious bucks to dig up information no one else has yet.

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To outperform other investors, you need to spend a lot of money gathering unique information that is not publicly available. Without this exclusive data, it is very difficult to gain an advantage over the market.

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If I finance a bank and I know if the bank will get in trouble, I will be hit and I will lose money, I will put a price on that.

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