Nick Reese dismisses record margin debt as a concern

The build-up in margin debt since the end of 2019 has been commensurate with the rise in market. In my framework, that's nothing to be concerned about - and the absence of a negative is a positive.  What would be concerning is to see a major build-up of margin debt relative to the market.

~ Nick Reese, "Axel's Take - Equity Market Report," Merk Research, August 25, 2021