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, 三心说这个指标早就不管用了。我一直没明白为什么。有人可以指点我吗？
