I think it's somewhat disingenuous to say that Milken's great insight was discovering that junk bonds weren't risky: rather, his insight was that there was a pr

I think it's somewhat disingenuous to say that Milken's great insight was discovering that junk bonds weren't risky: rather, his insight was that there was a profitable inefficiency in the gap between the risk-offset price in junk bonds and the yield of such bonds.