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Sorry... brain fart... insufficient coffee... I said;
THUS, if you only have $1M, you can put 2/3 of it at risk of a 50% drawdown (if the combined net rate of return is better than the alternatives,) and be safely assured of never having less than $1M.

If $1M represents your financial retirement target, you cannot afford to lose even a dime until you've earned that... and even then, you can only afford to lose what you possess beyond that balance (unless you are willing to delay or forego retirement as your gamble wager.)

If you have $1M (for example, *beyond* your financial retirement number,) and want the best rate of return you can get with the least risk of loss, you can put up to 66%-ish of it into the S&P unhedged long position, with a 33% liquid reserve.

Cheers,
Dave Donhoff
Leverage Planner
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