The Year of Leverage

By |2014-01-28T17:38:23-05:00January 28th, 2014|Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

The theme of stock margin debt and its obvious correlation to QE episodes continued into December. Margin debt levels are at record highs, but more importantly investor net worth in the aggregate has finally closed in on the dot-com levels. While just a bit short of the most extreme month of the dot-com mania, margin debt and negative net worth [...]