5. Go in debt up to our eyeballs. Another gem from “The Art of the Deal”: Most people “think small, because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a great advantage.” Mr. Trump’s third Atlantic City casino, the 17-acre Trump Taj Mahal, opened in 1990. But Mr. Trump loaded up $3 billion in debt from an expensive takeover, construction and cost overruns. Which brings us to . . .

6. Stick banks and bondholders with disasters. When the Trump Taj Mahal opened, the New York Times quoted gaming publisher Al Glasgow as saying, “Will the Taj work? It can’t miss. It’s like spitting and missing the floor.’’ Well, this is awkward. His company filed for bankruptcy in 1991, tagging enormous losses on banks and bondholders. Mr. Trump, for his part, gave up half the company and his 282-foot yacht. (Not to worry, he still has other boats.)

By 2004 Trump Hotels and Casino Resorts filed for bankruptcy. The company had issued more than $1.8 billion in debt, much of it in junk bonds, whose holders now controlled the company’s fate. In exchange for new debt with a lower interest rate and a personal infusion of $72 million, Mr. Trump’s equity stake shrunk to 27% from 47%.