I bet he doesn't know that there are two types of leverage, much less what they are.
In business, operating and financial.
Operating: I own a business AND I own the leasing company that leases all of my equipment. I make money on lease payments, plus the profit the company makes.
Since my competitors don't know I own a leasing company, I lease equipment to them. Even if I loose a contract bid, I still make money from the lost contract bid.
Financial: Cash is king! Two properties I own I came in on already contracted property and won.