Scrolling through the feed lately, I’ve seen lots of people get trapped in the 3x leveraged long Korea index. They think it’s fallen from 65 to 10, so it must be time to buy the dip. But keep in mind, this thing was only 1.2 last year. A 3x leveraged long index suffers massive decay in a bear market, and its current price has clearly diverged from its fair value—meaning a lot of money is following the trend and shorting it.