Margin investing is skyrocketing: Margin debt jumped +9.4% in June to a record 1.01 trillion. This also marks the largest monthly increase in history, at +87 billion. Over the last 2 years, margin debt has surged by ~400 billion. To put this into perspective, total margin debt relative to the US M2 money supply hit ~0.046, the highest since 2018. Risk appetite is through the roof.(The Kobeissi Letter)