Mind your surroundings, as Ra’s al Ghul reminds Bruce Wayne repeatedly in Batman Begins (2005). This is a market where Fartcoin has a market cap of $713 million (up $200 million in one day!). That market cap is bigger than 1,546 of 3,705 publicly traded companies in the US. Total current margin debt on the stock market is $815 billion, according to the Financial Industry Regulatory Authority (FINRA). That’s below the all-time high in October of 2021 of $935 billion. But it’s up 16% from $700 billion to start the year. Along with valuation metrics, this is another ‘dot’ that shows you how extended (and manic) this cycle has become. Bonner Research newsletter.