杠杆上面，还可以再放杠杆
Modern finance is a machine built from layer upon layer of leverage.
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
Behind real estate sits a mortgage; mortgages are securitised; securities become collateral; funds borrow and derivatives magnify their exposure; companies borrow, and so do their shareholders; insurance assets become collateral too.
Modern finance is, at heart, an enormous machine built from countless layers of leverage.
这是全书最“爽”的一章之一。
读者开始看到：
现代金融世界，本质上是一座由无数层杠杆搭起来的巨大机器。
This book is general education, not investment, tax or lending advice.