Liar's Poker: From the author of the Big Short

In short, junk bonds behave much more like equity, or shares, than old-fashioned corporate bonds.

What Milken was saying was that the entire American credit-rating system was flawed. It focused on the past when it should have focused on the future, and it was burdened by a phoney sense of prudence.

the new bonds made it possible for the first time for investors to lend money directly to homeowners and shaky companies.

Most of the time when markets move, no one has any idea why. A man who can tell a good story can make a good living as a broker.

The markets in the long run are no doubt driven by fundamental economic laws; if the United States runs a persistent trade deficit the dollar will eventually plummet. But in the short run money flows less rationally. Fear and, to a lesser extent, greed are what make money move.

It was as if he had bought shares in my future and was determined to make the trade come right.

He disapproved of work days longer than eight hours because, he said, “You then arrive at the office in the morning with the same thoughts you left with late the night before.”

“You are proof that some people are born to be customers.” Born to be customers.

“The casinos down here are dull compared to the shit we do.”