Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
Things in the 'economy' must be good – investors are nearing their most levered long to US equities ever. As Sean Corrigan notes: Net Margin (defined as NYSE Margin Debt minus Mutual Fund Liquid Assets) is within a hair of its all-time record high and relative to the March 2000 peak in the Wilshire 5000 (broadest US equity market cap), we are rapidly approaching 'peak' exuberance levels.
Indicatively this should make sense since the market is at all time highs, but it is so because of central banks, not because of individual investors. So why would the investors themselves be just as stretched as the global central banks, and how does this leverage upon leverage unwind in the end?
Source: Diapason Commodities
