The late Merton Miller, Nobel Laureate in Economic Science, with Mike at the 2000 Milken Institute Global Conference. Dr. Miller and Mike engaged in a series of friendly debates about the importance of the capital structure of corporations. Mike believes that the way a company is capitalized — its relative use of equity and debt — can significantly affect its valuation and the risk of investing in it. Miller contended that investors could reduce that risk through arbitrage. For more of Mike's thoughts on this subject, see Articles, and select "Prosperity and Social Capital."