Charlie Munger: 50% Loss 106% Wipeout That's Leverage скачать в хорошем качестве

Charlie Munger: 50% Loss 106% Wipeout That's Leverage

Leverage amplifies losses asymmetrically—50% market drop becomes 106% total wipeout when you owe borrowed capital plus interest. 2008 example: unleveraged investor lost 50% then recovered, leveraged investor got margin called at -72% forcing sale at bottom and missing entire recovery. Munger says "leverage is how smart people go broke"—LTCM had Nobel Prize winners, Archegos had billions, both destroyed by leverage during crashes. Buffett and Munger built $1 trillion Berkshire without ever using leverage because 10% returns for 60 years beats 0% returns from going broke.