On June 16th, during the 168X space, we talked about: 'The real risk in the market lies in crowded trades and leverage being a bit too high. The leverage in U.S. stock brokerage accounts has reached $1.3 trillion, a historical high. This actually plants the seeds of risk and hidden dangers. In the second half of the year, we might see another deleveraging event like the one in early June. The market is in a state of high leverage and crowded trades, so even slight macro or industry turbulence can easily trigger a stampede, and deleveraging usually leads to sharp and rapid drops.' Didn’t expect the industry turbulence to hit right at the start of the second half of the year.