Early Life and Education
Michael Milken was born in Encino, California, into a middle-class Jewish family. He graduated from Birmingham High School and went on to the University of California, Berkeley, where he earned a B.S. with highest honors. He then received his MBA from the Wharton School of the University of Pennsylvania.
Rise to Success
Milken's career took off in the late 1960s when he joined Drexel Harriman Ripley. He spearheaded the development of the high-yield bond market at Drexel Burnham Lambert, which fueled corporate takeovers and expansions in the 1980s. This innovative approach allowed smaller companies and entrepreneurs to access capital, leading to the growth of various industries.
Key Business Strategies
Milken's strategy involved identifying and investing in high-yield bonds, often referred to as “junk bonds.” These bonds, though riskier, offered higher returns. He built a vast network of investors, which facilitated leveraged buyouts and corporate expansions. His ability to recognize value in undervalued assets was key to his success.
Philanthropy
Following his release from prison, Milken shifted his focus to philanthropy. He founded the Prostate Cancer Foundation in 1993, which has become a major source of funding for prostate cancer research. He also established the Melanoma Research Alliance and FasterCures, a think tank dedicated to accelerating progress against life-threatening diseases. He has donated millions to various causes, including education and medical research.
