There are successful coupon clippers and there are successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.

既有成功的票息剪券投资者,也有成功的债券经销商,他们希望从其他阶层,不太成功的投资者身上赚钱。

耶鲁公开课 - 金融市场课程节选