“I fancy that over-confidence seldom does any great harm except when, as, and if, it beguiles its victims into debt.” (Fisher 1933, p. 341) The man who penned those words wrote them from bitter experience. Irving Fisher, who is far better known for the statement that “Stock prices have reached what looks like a permanently … Continue reading "Margin Debt at Levels Not Seen Since the Peak of the Roaring Twenties Mania—and Falling"