In 1966, Warren Buffett was 36 years old. He closed his partnership firm and stopped accepting new funds because there were fewer cheap opportunities in the market. It had been 10 years since he founded his first Buffett Partnership. At the beginning of that year, his personal net worth was approximately $4.5 million. The partnership managed $44 million, with $16 million invested in American Express, accounting for about 35-40% of the partnership's portfolio. He didn’t have significant assets outside the partnership. His net worth was calculated based on his shares in the partnership's assets. If you look at his personal net worth, through the partnership, he essentially leveraged his American Express position by about 300%. If you want to use leverage to buy $CRCL, you might as well learn from Buffett's model. He didn’t face liquidation risks, and both he and the LP shareholders whose funds he managed made money. But if you’re using margin financing from a brokerage, even with just 0.5-1x leverage, a 50% drop would trigger a margin call. If you’re using 3x leverage on contracts, a 25% drop would wipe you out. If you can avoid leverage, don’t use it. If you must use leverage, go for Buffett’s kind of off-market leverage. It won’t lead to liquidation and can withstand the test of time. Source: https://web.timestore.vip/ /time/pages/timeDetail/index?timeid=175898