Yes, it seems he even mixed definitions as well. He said that the $110M in assets and $100M in liabilities was a 10:1 leverage.

However, later he says that a home owner with a down payment of 20% is levered 5:1. Yet, if we do the same math as he did above, then 20% of $100,000 loan is $20k in equity with an $80k loan, giving a leverage ratio of 4:1.