"The Only Thing We Have To Fear Is The Lack Of Fear Itself"

With NYSE margin debt at extremes once again, complacency at all-time highs, valuations (across equity and credit) frothy, and the cacophony of bullish consensus momentum chasers, it seems the anti-thesis of FDR’s speech appears quite appropriate…

Extreme Sentiment – check!


Extreme Leverage – check!


Extreme Complacency – check!


Extreme Valuations – check!



(h/t @Not_Jim_Cramer)


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