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This is Optimal Finance Daily, Financial Mass Destruction by Jesse Kramer of best interest. blog.

Quote, Charlie Munger and I are of one mind in how we feel about derivatives and the trading

activities that go on with them. We view them as time bombs, both for the parties that deal in them

and the economic system.

Warren Buffett.

Not to mince words, Buffett has also called derivatives financial weapons of mass destruction.

Then in the 2007 Berkshire shareholders' meeting,

Buffett shares how derivatives hide leverage in the financial system,

and the combination of the two

is the real cause of financial mass destruction. What are derivatives? What is leverage? Why should

it matter to small fish investors like you and me? Derivatives and leverage 101. Derivatives, quite simply, derive their value based on the price movement of a different

asset.

It's like a sports bet.

The actual competition between the Lakers and the Celtics has NBA implications, but bets,

with real financial implications, can derive their value from the outcome of the game.

Leverage is borrowed money that's used to invest.

Just like a lever arm helps us lift more weight than we otherwise could,

financial leverage gives us more money to invest and earn more profit than we could on our own. Simple example.

You have $10,000. You convince a bank to let you borrow $100,000. You are levered 10 to 1.

...