Equalizer – Rydex & Profunds that are leveraged and/or short the market *are* horrible investments to hold long-term, just as shorting an index/stock or buying on margin for 30 years is a very poor choice.

These funds are not designed for that timeframe. They are designed to allow investors to short an index or use margin for a limited time. Their expense fees are far less than what a typical online broker would charge for margin (~10% these days). So, they are good alternative to shorting/leverage via your broker, and the only viable option for many retail investors use in a tax-deferred account. For those who don’t use/aren’t comfortable with margin, they would be a poor choice.