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Margin debt has looked high for years, but most of the studies pertaining to it have been based on the total dollar amount outstanding versus comparing it to a much larger U.S. economy. Now, however, even relative to nominal GDP, which includes inflation, this measure has made a new all-time high (ATH). While this could be the margin-debt equivalent of a stock, sector, or commodity breaking out to an ATH, and poised to keep running, this measure does look extremely extended, as you can see.
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