Risk appetite in South Korea is skyrocketing: Margin loans outstanding jumped to a record $23 billion in South Korea. Margin debt has DOUBLED over the last year and is now +37% above the 1-year average of $17 billion. As a result, the KOSPI index has rallied +27% since the April 1st low and is up +52% year-to-date. This has been driven by chip stocks, Samsung and SK Hynix, which are up +69% and +81% so far this year. Both names together now account for ~40% of the Korean index. Retail investors in South Korea are piling back into equities with record leverage.(The Kobeissi Letter)