The Importance of Leverage in a Bull Market

I have a slogan here, which is that leverage is for the very young. If you find something sensibly priced and you lever up into it, you'll probably make money. And fact that works nine times out of 10. Now when you're 23, getting your first million dollars together is ridiculously hard. It's just ridiculously hard. Once you've got it together, you must never risk it. Hence my slogan, it's for thevery young. You do it when you're23 and you don't do it again.