Education
Milken was born to a Jewish family in Encino, California. He graduated from Birmingham High School, where his classmates included actresses Sally Field and Cindy Williams.
Milken is a 1968 University of California, Berkeley graduate with a B.S. with highest honors, was elected to Phi Beta Kappa and was a member of the Sigma Alpha Mu fraternity. He received his MBA from the Wharton School at the University of Pennsylvania.
While at Berkeley, Milken was influenced by credit studies authored by W. Braddock Hickman, a former president of the Federal Reserve Bank of Cleveland, who noted that a portfolio of non-investment grade bonds offered "risk-adjusted" returns greater than that of an investment grade portfolio.
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