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445 | Fundamental Truths of Investing | Brian Feroldi

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CHAPTER

Warren Buffett's Lesson on Leverage

Leverage is one of the few ways where smart people can go broke. Warren Buffett and Charlie Munger actually had a third partner from the start named Rick Garan. Garan was in a rush to get wealthy, but his returns during that time were so bad he effectively got wiped out.

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