My daughter is a millionaire

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When viewed in the context of your statements, it seems logical that the way to achieve this would be to take the optimal non-leveraged portfolio and essentially leverage everything equally to achieve the desired level of risk.

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only if the cost of leverage is equal across assets, which I'd bet it isn't.

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I had always listened to the standard advice of don't invest on margin and pretty much just took it at face value, but now that I understand things better, I feel like using leverage may not be as irresponsible as many (well-meaning) folks seem to think. It will just require a good understanding of my true portfolio risk levels and my risk tolerance.

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the "standard advice" is standard because most people don't really have that understanding.