. the amount of margin debt. the level of naive confidence that their stocks or etfs somehow deserve to go up, that it is at all inevitable over the next few years. then the number of people in crypto, which appears to be a horrible inflation hedge and is not in any way detached from the market. maybe we’ll get circuit breakers? either way, after a decade plus of fed money printing and hyper qe started under the last admin, this is about to get really interesting this year 🍿 