Recently, many people have seen semiconductors performing well and, from some unknown source, plan to hold them long-term, dollar-cost averaging into SOXL, SNXX, MUU, even TQ, hoping to get rich with leveraged ETFs.

This is completely unrealistic. These people probably opened their accounts just yesterday and learned about U.S. stock investing the day before.

Using backtesting to calculate returns and thinking they can make money with a never-changing strategy is doomed to fail in Wall Street history. They should look up what a black swan event is and learn how Long-Term Capital Management (LTCM) went bankrupt.

Many people see a simple backtest done by someone else and think they've discovered some huge bug, like cheating the game.

This is a very naive, innocent, and overly optimistic idea, and they will eventually be ruthlessly eliminated by the market.