I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any.

Junk bonds prove there's nothing magical in a Aaa bond rating.

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

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.

Diversification is your buddy.

Arbitrage proof has since been widely used throughout finance and economics.

What counts is what you do with your money, not where it came from.