A record margin debt headline sends the same shiver through the market every time, along with comparisons to 1929, 2000, and 2008. But margin debt is a measure of confidence, not a trigger. It has been high during major tops and during years of healthy bull markets alike. What actually causes a stock market crash is quieter and harder to see on a headline: the moment institutional money stops flowing in. This article separates the popular scapegoats from the real mechanism be
