The article discusses how financial markets have evolved in the past 20 years, especially in corporate bonds. These changes have allowed companies to better match their cash flows with their assets, increasing their ability to borrow money. While these innovations have been beneficial for many companies, some have used them for the wrong reasons, like keeping up with competitors or exploiting loopholes. As corporate bonds have become more complex, investment bankers have become more important in the process. It is crucial for companies to understand when complexity helps them and when it can harm them.