We Just Witnessed a Unique Stock Market Measure Do Something for Only the 4th Time Since 1997, and It Offers a Chilling Outlook for Wall Street

Outstanding margin debt has surged 77% to an all-time high of $1.502 trillion as of June 2026, marking only the fourth time since 1997 that this metric has increased by at least 65% over a short period. Historically, the previous three instances preceded significant bear markets (dot-com bubble, financial crisis, and 2022 bear market). However, the article notes that long-term investors have consistently profited despite market downturns, with all 20-year rolling periods since 1900 showing positive returns.