From Danielle Park's web site:
As shown in this remarkable chart below, levered risk-taking–borrowing to buy on margin (red line)–began turning lower in 2011 (as it had done at prior market peaks in both 2000 and late 2007), but then re-surged with QE inspired speculation into February 2014. Since then, the margin tide has been receding once more. It looks like Central Banks are going to need some bigger, better gimmicks to turn this mean reversion process around, because historically, as margin falls, so do stock prices (S&P in blue).
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