The brothers that is.
From what I can see, there\’s not all that much that needs explaining. If you\’re playing in a rising market then leverage is the key. The more you can borrow then the greater the profits will be. Not necessarily beause great value has been added by your activities but because asset prices are rising generally. And debt burdens are of course nominal.
Which is just fine until asset values stop rising generally, perhaps even start to fall, which is a problem for those leveraged because of course debt burdens are nominal. Debt burdens don\’t fall just because asset prices do, just as they don\’t rise when the assets are making you a profit.
The secret then, such as it is, is in a rising market, find someone who will lend you all the money you want to borrow.
And, err, hope that asset values don\’t start falling.