杠杆不会让你变聪明
Leverage creates nothing; it only amplifies what is already there.
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.
The chapter where the book applies the brakes. If someone's investing judgement is poor, leverage only helps them be wrong faster. If a business does not make money, more debt will not necessarily save it. Without cash flow, even an excellent long-term asset may have to be sold at the worst moment.
Leverage does not create excellence. It only amplifies what already exists.
这一章给整本书踩刹车。
杠杆不会创造优秀，它只会放大原本存在的东西。
This book is general education, not investment, tax or lending advice.