Is it better to be over-leveraged or under-leveraged?

[Account Closed]

Hypothetically, would you be more comfortable being over-leveraged or under-leveraged in your investments? And what's your reasoning?

I'm thinking the most optimal position would be to have a lot of leverage, but with enough cash reserves so I can choose to bail myself out in case of emergency. I don't think I'd want to shovel my hard earned money into equity that may or may not lose value.

All thoughts and opinions are welcome! I'm just brainstorming over here.