Plus, investors today are employing more leverage than ever before. In fact, margin debt has at least doubled from its prior 2000 peak. And this doesn’t even include the asset-backed loans at major financial firms which have become so popular in recent years.
To very quickly summarize: Everyone is long and strong, the stock market has never been more expensive by quite a few measures AND jet fuel margin debt (both up and down) has doubled from its Dot.com bubble peak.
That is to say, what can possibly go wrong?
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