BREAKING: Net credit balances fell -$70 billion in June, to a record -$1.06 trillion. This metric tracks how much margin debt investors carry relative to the cash in their brokerage accounts. Since the 2022 bear market, this figure has more than quadrupled. This comes as margin debt has surged +$895 billion over this period, to a record $1.50 trillion. By comparison, throughout the 2008 Financial Crisis, the net credit balance remained positive, meaning investors held more cash than margin debt amid widespread deleveraging and a flight to safety. Investor risk appetite is at unprecedented levels.(The Kobeissi Letter)