他们不是看错了，他们只是没活到最后
With leverage, the first question is not whether you are right, but whether you last long enough.
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 most important risk chapter in the book. Markets rising in the end does not mean everyone who used leverage made money, because along the way there can be margin calls, job loss, broken cash flow, rising rates, sharp asset declines and forced sales.
The first problem for anyone using leverage is not whether they are right in the end, but whether they survive until then.
这是全书风险部分最重要的一章。
市场最终上涨，不代表使用杠杆的人一定赚钱。因为中间可能出现：
使用杠杆的人首先要解决的不是“我最终对不对”，而是“我能不能活到那一天”。
Borrowing to invest involves risk, including the risk that the value of your investment falls while the loan remains payable in full. This page describes how these arrangements work in general and is not a recommendation to borrow or an offer of credit. Suitability depends on individual circumstances.