Miller, Merton H. (Joint Author.)

History of Financial Advice Collection. Eugene Fama and Merton Miller were at the forefront of the academic revolution in financial investing and taught and worked together at the University of Chicago in the 1960s, the period in which Harry Markowitz’s work on the implications of the efficient market for minimizing risk in portfolio selection was being developed into a set of sophisticated financial models. The Theory of Finance was a collaborative work, initially aimed at students studying at the University, and formed the basis for one of the earliest introductions to portfolio theory. It is an important marker in the history of financial advice because it provides one of the first examples of Fama and Miller’s attempt to explain what the implications of their theoretical advances, hitherto published only in academic journals, would be for financial investment decisions: as they explained in their introduction the “emphasis throughout is on the microdecision problems of the investor” rather than on the “macroeconomic problems of social policy that are the main concern of economists.”