Subject: Re: Margin debt
Thanks Jeff, so not an all-time high. But we need to consider that we can’t get margin loans as high as we could in the roaring 20’s. If it’s highest since post-depression sec regulations that’s still VERY significant.

Today the appetite for risk at the level of 90% leverage offered in the 1920’s is met by stock options, and IBKR forecast trader. This is why our Chairman made an offer for the NYSE only if he could split it free from the options market it included. And why we have the warning that they are dangerous like nuclear weapons.