Legendary billionaire investor Warren Buffett has often advised investors to avoid falling into the trap of leverage, his Indian counterpart Rakesh Jhunjhunwala\u00a0attributes a large part of his success in the stock market to taking leverage. In an interview to CNBC last week, Warren Buffett reiterated, \u201cMy partner Charlie (Munger) says there is only three ways a smart person can go broke: liquor, ladies and leverage," he said.\u00a0"Now the truth is \u2014 the first two he just added because they started with L \u2014 it's leverage,\u201d Buffett added. Interestingly, Warren Buffett has once again called to the importance of avoiding leveraged positions in Berkshire Hathaway's annual letter for 2017 released last week.\u00a0Buffett says that while his aversion to leverage has dampened Berkshire\u2019s returns over the last many years, it has allowed him and Charlie Munger to sleep well. \u201cBoth of us believe it is insane to risk what you have and need in order to obtain what you don\u2019t need,\u201d Warren Buffett writes in the letter adding that he has held this view for 5 decades now, when the company was at its inception, and continue to hold this view \u201cafter a million or so 'partners' have joined us at Berkshire.\u201d However, Dalal Street's big bull Rakesh Jhunjhunwala seems to have a contrasting opinion on leverage. Responding to Warren Buffett\u2019s advice regarding leverage, Rakesh Jhunjhunwala said in an interview to ET Now, \u201cMr Buffett has never taken a leverage so what does he know about leverage?\u201d\u00a0Rakesh Jhunjhunwala said that if he followed the advise about not taking any leverage after starting with just Rs 5,000, he wouldn't be where he\u2019s today. \u201cBut that is a great man\u2019s opinion, and so be it,\u201d Jhunjhunwala said. In the same interview, Rakesh Jhunjhunwala said that the stock market rally in January was a midpoint climax, and he expects the equity markets to remain range-bound in calendar year 2018. Further, Rakesh Jhunjhunwala said that the stock market consolidation will help the markets to rise further.