margin debt is proportional to M2. The M2 has increased dramatically over the years especially after COVID, therefore the top shouldn't be flat. I would get very caucious when we get close to 2021 peak. Now it seems OK to me.
About the stock price /GDP ratio, 三心說這個指標早就不管用了。我一直沒明白為什麽。有人可以指點我嗎？
