>the optimal leverage being below 1 in all cases involving multiplicative processes
This is wrong.
Instead I should have written: "there is an optimal leverage point, most likely close to 1. The optimal leverage point does not depend on the individual risk preferences of the investor".
This is wrong.
Instead I should have written: "there is an optimal leverage point, most likely close to 1. The optimal leverage point does not depend on the individual risk preferences of the investor".