关于杠杆投资，巴菲特有这四句忠告 | 猫猫看市

Core Viewpoint - The article discusses the dual nature of leverage in investment, highlighting both its potential for wealth creation and the significant risks associated with excessive use of leverage, as emphasized by Warren Buffett's insights. Group 1: Buffett's Insights on Leverage - Excessive leverage leads to trouble, similar to alcohol consumption; a little is manageable, but too much can result in severe consequences [2][3] - Leverage is addictive; once investors experience the wealth effect from leverage, they are unlikely to revert to more conservative investment practices [4][6] - Credit is likened to oxygen; when abundant, it goes unnoticed, but its absence creates significant problems, especially during a margin call [7][8] Group 2: Consequences of Leverage - Historical data shows that market indices can experience significant drops, such as the 33% decline of the Hang Seng Index in 1987, which could wipe out leveraged investors' assets in a single day [3] - The allure of quick profits from leverage can lead investors to ignore the associated risks, making it difficult to return to slower, safer investment methods [6][10] Group 3: Buffett's Personal Approach to Leverage - Buffett suggests that avoiding leverage entirely prevents any related issues, stating that smart investors do not need leverage, while less knowledgeable investors should avoid it to prevent financial ruin [9][10] - Despite his warnings about leverage, Buffett himself utilizes it strategically, such as through insurance company float, which mitigates the impact of market volatility [12][13]