Why Spot Holdings Outperform Leverage
Leverage amplifies both gains and losses, but the asymmetry of drawdowns means leveraged positions must work exponentially harder just to break even. Spot holdings win by surviving.
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Leverage amplifies both gains and losses, but the asymmetry of drawdowns means leveraged positions must work exponentially harder just to break even. Spot holdings win by surviving.
Notes on markets, tempo, and optionality