On My Radar: Margin Debt In A Late Cycle Bull Market

Margin debt hit a record $1.5 trillion in June and now sits near 4.6% of GDP, the most leverage relative to the economy on record. Plus Ned Davis Research's late-cycle charts: one of the longest bull markets in history, a SpaceX-led IPO surge, record stock ownership, record tech concentration, and what the Fed, the midterms and seasonals mean into year-end.