Michael Levy on Real Estate Finance
Masters in Business
The Use of Leverage in Investment Management
If you're investing your own capital with no leverage, the worst that happens is the market gets cut in half and it's painful. But if you're using leverage, you get margin calls and you could be pretty easily wiped out as we saw time and again in 0809 and then beyond. And so whether you're an employee of a large firm or you're managing a fund or whatever position that you're in, being fully aligned with investors is a great guard rail.
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