Leverage doesn't change your edge, it changes your survival time

Recurring confusion I see: people treat leverage as a way to improve a mediocre strategy. It isn't. It multiplies both sides equally. What it actually changes is how long you last. Same edge, more leverage, shorter time before a normal losing streak takes you out of the game entirely — and you can be right about the strategy and still not be there when it pays off. The uncomfortable version: if a strategy is only interesting to you at high leverage, the strategy isn't interesting.